EQUITY LIFESTYLE PROPERTIES INC 10-K

Item 9A. Controls and Procedures Evaluation of Disclosure Controls and Procedures Our management, with the participation of our Chief Executive Officer (principal executive officer) and Chief Financial Officer (principal financial officer), maintains a system of disclosure controls and procedures, designed to provide reasonable assurance that information we are required to disclose in the reports that we file under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission rules and forms. Notwithstanding the foregoing, a control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that we will detect or uncover failures to disclose material information otherwise required to be set forth in our periodic reports. Our management, with the participation of the Chief Executive Officer and the Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures as of December 31, 2025. Based on that evaluation as of the end of the period covered by this annual report, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective to give reasonable assurances to the timely collection, evaluation and our disclosure of information that would potentially be subject to disclosure under the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder as of December 31, 2025. Changes in Internal Control Over Financial Reporting There were no material changes in our internal control over financial reporting during the year ended December 31, 2025. Report of Management on Internal Control Over Financial Reporting Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934. Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Based on management’s assessment, we maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025. In making this assessment, management used the criteria established by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) in “ Internal Control-Integrated Framework ” (2013 framework). The effectiveness of our internal control over financial reporting as of December 31, 2025, has been audited by our independent registered public accounting firm, as stated in its report on page F-4. Item 9B. Other Information During the quarter ended December 31, 2025, none of the Company’s directors or officers adopted , terminated or modified any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act of 1933). On July 4, 2025, President Trump signed into law the legislation known as the One Big Beautiful Bill Act (the “OBBBA”). The OBBBA made significant changes to the U.S. federal income tax laws in various areas. Among the notable changes, the OBBBA permanently extended certain provisions that were enacted in the Tax Cuts and Jobs Act of 2017, most of which were set to expire after December 31, 2025. As a result of such extensions, individuals and other non-corporate taxpayers 58 will continue to be entitled to a 20% deduction for certain “qualified REIT dividends” for taxable years after 2025, subject to certain requirements, and the maximum U.S. federal income tax rate on ordinary income for individuals and other non-corporate taxpayers will continue to be 37% after 2025 (before application of the 3.8% Medicare tax on “net investment income”). In addition, the OBBBA also increased the percentage limit under the REIT asset test applicable to securities of one or more taxable REIT subsidiaries from 20% to 25% for 2026 and subsequent taxable years. Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections Not applicable. 59 PART III Items 10 and 11. Directors, Executive Officers and Corporate Governance, and Executive Compensation The information required by Items 10 and 11 will be contained in the Proxy Statement on Schedule 14A for the 2026 Annual Meeting and is therefore incorporated by reference, and thus Items 10 and 11 have been omitted in accordance with General Instruction G(3) to Form 10-K. Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters Securities Authorized for Issuance Under Equity Compensation Plans The following table presents securities authorized for issuance under our equity compensation plans as of December 31, 2025: Plan Category Number of securities to be Issued upon Exercise of Outstanding Options, Warrants and Rights (a) Weighted-average Exercise Price of Outstanding Options, Warrants and Rights Number of Securities Remaining Available for Future Issuance under Equity Compensation Plans (excluding securities reflected in column (a)) Equity compensation plans approved by security holders (1) 47,935 $ 69.62 — Equity compensation plans approved by security holders (2) 45,535 61.50 3,641,498 Equity compensation plans not approved by security holders (3) N/A N/A 596,966 Total 93,470 $ 65.66 4,238,464 _____________________ (1) Represents shares of common stock under our Equity Incentive Plan effective May 13, 2014 (the “ 2014 Plan ” ), prior to its termination. (2) Represents shares of common stock under our Equity Incentive Plan effective April 30, 2024 (the “ 2024 Plan ” ). (3) Represents shares of common stock under our Employee Stock Purchase Plan effective July 1997, as amended and restated in May 2016. Under the Employee Stock Purchase Plan, eligible employees may make contributions which are used to purchase shares of common stock at a purchase price equal to 85% of the lesser of the closing price of a share of common stock on the first or last trading day of the purchase period. Purchases of common stock under the Employee Stock Purchase Plan are made on the first business day of the next month after the close of the purchase period. Under NYSE rules then in effect, stockholder approval was not required for the Employee Stock Purchase Plan because it is a broad-based plan available generally to all employees. The information required by Item 403 of Regulation S-K “Security Ownership of Certain Beneficial Owners and Management” required by Item 12 will be contained in the Proxy Statement on Schedule 14A for the 2026 Annual Meeting and is therefore incorporated by reference, and thus has been omitted in accordance with General Instruction G(3) to Form 10-K. Items 13 and 14. Certain Relationships and Related Transactions, and Director Independence, and Principal Accounting Fees and Services The information required by Items 13 and 14 will be contained in the Proxy Statement on Schedule 14A for the 2026 Annual Meeting and is therefore incorporated by reference, and thus Items 13 and 14 have been omitted in accordance with General Instruction G(3) to Form 10-K. 60 PART IV Item 15. Exhibits, Financial Statements Schedules 1. Financial Statements See Index to Consolidated Financial Statements and Schedule on page F-1 of this Form 10-K. 2. Financial Statement Schedule See Index to Consolidated Financial Statements and Schedule on page F-1 of this Form 10-K. 3. Exhibits: In reviewing the agreements included as exhibits to this Form 10-K, please remember they are included to provide you with information regarding their terms and are not intended to provide any other factual or disclosure information about us or the other parties to the agreements. The agreements may contain representations and warranties by each of the parties to the applicable agreement. These representations and warranties have been made solely for the benefit of the other parties to the applicable agreement and: • should not in all instances be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate; • have been qualified by disclosures that were made to the other party in connection with the negotiation of the applicable agreement, which disclosures are not necessarily reflected in the agreement; • may apply standards of materiality in a way that is different from what may be viewed as material to you or other investors; and • were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement and are subject to more recent developments. Accordingly, these representations and warranties may not describe the actual state of affairs as of the date they were made or at any other time. Additional information about us may be found elsewhere in this Form 10-K and our other public filings, which are available without charge through the SEC's website at http://www.sec.gov . 3.1 (a) Articles of Amendment and Restatement of Equity LifeStyle Properties, Inc., effective May 15, 2007 3.2 (b) Articles of Amendment of Equity LifeStyle Properties, Inc., effective November 26, 2013 3.3 (c) Articles of Amendment of Equity LifeStyle Properties, Inc., effective May 2, 2019 3.4 (d) Form of Articles Supplementary for Preferred Stock 3.5 (e) Articles of Amendment of Equity LifeStyle Properties, Inc., effective May 4, 2020 3.6 (f) Fourth Amended and Restated Bylaws, effective as of July 25, 2023 4.1 (g) Form of Specimen Stock Certificate Evidencing the Common Stock of Equity LifeStyle Properties, Inc., par value $0.01 per share 4.2 (u) Description of the Registrant ’ s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934 10.1 (i) Second Amended and Restated MHC Operating Limited Partnership Agreement of Limited Partnership, dated March 15, 1996 10.2 (j) Amendment to Second Amended and Restated Agreement of Limited Partnership for MHC Operating Limited Partnership, dated February 27, 2004 10.3 (k) Second Amendment to the Second Amended and Restated Agreement of Limited Partnership for MHC Operating Limited Partnership effective as of December 31, 2013 10.4 (h) Third Amendment to the Second Amended and Restated Agreement of Limited Partnership for MHC Operating Limited Partnership effective as of December 31, 2018 10.5 (s)(+) Equity LifeStyle Properties, Inc. 2014 Equity Incentive Plan effective May 13, 2014 (the “ 2014 Plan ” ) 10.6 (l)(+) Equity LifeStyle Properties, Inc. 2024 Equity Incentive Plan effective April 30, 2024 (the “ 2024 Plan ” ) 10.7 (m)(+) Amended and Restated Equity LifeStyle Properties, Inc. 1997 Non-Qualified Employee Stock Purchase Plan, effective May 10, 2016 61 10.8 (n)(+) Form of Indemnification Agreement 10.9 (o) Third Amended and Restated Credit Agreement, dated as of April 19, 2021, by and among MHC Operating Limited Partnership, as Borrower, Equity LifeStyle Properties, Inc., as Parent, Wells Fargo Bank, National Association, as Administrative Agent, and each of the Lenders set forth therein 10.10 (o) Third Amended and Restated Guaranty dated as of April 19, 2021 by Equity LifeStyle Properties, Inc. in favor of Wells Fargo Bank, National Association 10.11 (p) Amendment, dated March 1, 2023, to the Third Amended and Restated Credit Agreement, dated as of April 19, 2021, by and among MHC Operating Limited Partnership, the Company, Wells Fargo, National Association, and each of the Lenders set forth therein 10.12 (q) Second Amendment, dated July 18, 2024, to the Third Amended and Restated Credit Agreement, dated April 19, 2021, by and among MHC Operating Limited Partnership, as Borrower, Equity LifeStyle Properties, Inc., as Parent, Wells Fargo Bank, National Association, as Administrative Agent, and each of the Lenders set forth therein. 10.13 (r) Form of Equity Distribution Agreement, dated November 1, 2024, by and among the Company, the Operating Partnership and each of the Sales Agents. 10.14 (t)(+) Form of Restricted Share Award Agreement for the 2014 Plan 10.15 (t)(+) Form of Option Award Agreement for the 2014 Plan 10.16 (*)(+) Form of Restricted Share Award Agreement for the 2024 Plan 10.17 (*)(+) Form of Option Award Agreement for the 2024 Plan 14 * Equity LifeStyle Properties, Inc. Business Ethics and Conduct Policy, dated October 28, 2025 19 * Policy on Securities Trading, dated October 28, 2025 21 * Subsidiaries of the Registrant 23 * Consent of Independent Registered Public Accounting Firm 31.1 * Certification of Chief Financial Officer Pursuant To Section 302 of the Sarbanes-Oxley Act Of 2002 31.2 * Certification of Chief Executive Officer Pursuant To Section 302 of the Sarbanes-Oxley Act Of 2002 32.1 * Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350 32.2 * Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350 97 (u)(+) Compensatory Recovery Policy 101.SCH * Inline XBRL Taxonomy Extension Schema Document 101.CAL * Inline XBRL Taxonomy Extension Calculation Linkbase Document 101.LAB * Inline XBRL Taxonomy Extension Label Linkbase Document 101.PRE * Inline XBRL Taxonomy Extension Presentation Linkbase Document 101.DEF * Inline XBRL Taxonomy Extension Definition Linkbase Document 104 Cover Page Interactive Data File included as Exhibit 101 (embedded within the Inline XBRL document) The following documents are incorporated by reference. (a) Included as an exhibit to our Report on Form 8-K filed May 22, 2007 (b) Included as an exhibit to our Report on Form 8-K filed November 26, 2013 (c) Included as an exhibit to our Report on Form 8-K filed May 2, 2019 (d) Included as an exhibit to our Report on Form 8-K filed February 25, 2020 (e) Included as an exhibit to our Report on Form 8-K filed May 4, 2020 (f) Included as an exhibit to our Report on Form 8-K filed July 28, 2023 (g) Included as an exhibit to our Report on Form S-3 Registration Statement dated May 6, 2009, file No. 333-159014 (h) Included as an exhibit to our Report on Form 10-K for the year ended December 31, 2020 (i) Included as an exhibit to our Report on Form 10-Q for the quarter ended June 30, 1996 62 (j) Included as an exhibit to our Report on Form 10-K for the year ended December 31, 2005 (k) Included as an exhibit to our Report on Form 8-K filed January 2, 2014 (l) Included as Appendix B to our Definitive Proxy Statement dated March 19, 2024, relating to Annual Meeting of Stockholders held on April 30, 2024 (m) Included as an exhibit to our Report on Form 10-Q for the quarter ended June 30, 2016 (n) Included as an exhibit to our Report on Form 10-Q for the quarter ended March 31, 2025 (o) Included as an exhibit to our Report on Form 8-K filed April 23, 2021 (p) Included as an exhibit to our Report on Form 10-Q/A for the quarter ended March 31, 2023 (q) Included as an exhibit to our Report on Form 8-K filed on July 23, 2024 (r) Included as an exhibit to our Report on Form 8-K filed on November 1, 2024 (s) Included as Appendix B to our Definitive Proxy Statement dated March 24, 2014, relating to Annual Meeting of Stockholders held on May 13, 2014 (t) Included as an exhibit to our Report on Form 8-K filed May 13, 2014 (u) Included as an exhibit to our Report on Form 10-K for the year ended December 31, 2023 * Filed herewith (+) Management contract or compensatory plan or arrangement. Item 16. Form 10-K Summary None. 63 SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. EQUITY LIFESTYLE PROPERTIES, INC., a Maryland corporation Date: February 17, 2026 By: /s/ M ARGUERITE N ADER Marguerite Nader Vice Chairman and Chief Executive Officer (Principal Executive Officer) Date: February 17, 2026 By: /s/ P AUL S EAVEY Paul Seavey Executive Vice President and Chief Financial Officer (Principal Financial Officer) Date: February 17, 2026 By: /s/ C AROLINE K ARP Caroline Karp Senior Vice President and Chief Accounting Officer (Principal Accounting Officer) 64 Equity LifeStyle Properties, Inc.—Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. Name Title Date /s/ M ARGUERITE N ADER Vice Chairman and Chief Executive Officer (Principal Executive Officer) February 17, 2026 Marguerite Nader /s/ P AUL S EAVEY Executive Vice President and Chief Financial Officer (Principal Financial Officer) February 17, 2026 Paul Seavey /s/ C AROLINE K ARP Senior Vice President and Chief Accounting Officer (Principal Accounting Officer) February 17, 2026 Caroline Karp /s/ T HOMAS H ENEGHAN Chairman of the Board February 17, 2026 Thomas Heneghan /s/ A NDREW B ERKENFIELD Director February 17, 2026 Andrew Berkenfield /s/ D ERRICK B URKS Director February 17, 2026 Derrick Burks /s/ P HILIP C ALIAN Director February 17, 2026 Philip Calian /s/ D AVID C ONTIS Director February 17, 2026 David Contis /s/ C ONSTANCE F REEDMAN Director February 17, 2026 Constance Freedman /s/ R ADHIKA P APANDREOU Director February 17, 2026 Radhika Papandreou /s/ S COTT P EPPET Director February 17, 2026 Scott Peppet 65 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS AND SCHEDULE EQUITY LIFESTYLE PROPERTIES, INC. Page Reports of Independent Registered Public Accounting Firm (PCAOB ID: 42 ) F- 2 Consolidated Balance Sheets as of December 31, 2025 and 2024 F- 5 Consolidated Statements of Income and Comprehensive Income for the years ended December 31, 2025, 2024 and 2023 F- 6 Consolidated Statements of Changes in Equity for the years ended December 31, 2025, 2024 and 2023 F- 8 Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023 F- 9 Notes to Consolidated Financial Statements F- 11 Schedule III—Real Estate and Accumulated Depreciation S- 1 Note that certain schedules have been omitted, as they are not applicable to us. F-1 Report of Independent Registered Public Accounting Firm To the Stockholders and Board of Directors of Equity LifeStyle Properties, Inc. Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Equity LifeStyle Properties, Inc. (the Company) as of December 31, 2025 and 2024, the related consolidated statements of income and comprehensive income, changes in equity and cash flows for each of the three years in the period ended December 31, 2025, and the related notes and financial statement schedule listed in the Index at Item 15 (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated February 17, 2026 expressed an unqualified opinion thereon. Basis for Opinion These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matter The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. F-2 Impairment of Long-Lived Assets Description of the Matter At December 31, 2025, the Company’s consolidated net investment in real estate totaled $5.3 billion. As discussed in Note 2 to the consolidated financial statements, the Company’s investment in real estate is reviewed for impairment quarterly or whenever events or changes in circumstances indicate a possible impairment. If an impairment indicator exists related to an investment in real estate that is held and used, the expected future undiscounted cash flows are compared against the carrying amount of that asset. If the sum of the estimated undiscounted cash flows is less than the carrying amount of the asset, an impairment loss is recorded for the excess, if any, of the carrying amount of the asset over its estimated fair value. Auditing the Company’s evaluation of impairment of long-lived assets was complex and subjective. The determination of the undiscounted cash flows for properties where impairment indicators have been identified is sensitive to significant assumptions such as forecasted net operating income and capitalization rates used to estimate the property’s residual value, both of which can be affected by expectations about future market conditions, customer demand, and competition. How We Addressed the Matter in Our Audit We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls related to the Company’s process for evaluating impairment of long-lived assets, including controls over management’s review of the assumptions described above. To test the Company’s process for evaluating impairment of long-lived assets, we performed audit procedures that included, among others, assessing the methodology used, evaluating the assumptions discussed above and testing the completeness and accuracy of the underlying data used by the Company in its analyses. We compared the significant assumptions used by the Company to historical operational results, current market data, and real estate industry publications. As part of our procedures, we also evaluated significant variances between the forecasted cash flows and historical actual results and performed sensitivity analyses of significant assumptions to evaluate the changes in the undiscounted cash flows that would result from changes in the assumptions used by management. /s/ Ernst & Young LLP We have served as the Company’s auditor since 1996. Chicago, Illinois February 17, 2026 F-3 Report of Independent Registered Public Accounting Firm To the Stockholders and Board of Directors of Equity LifeStyle Properties, Inc. Opinion on Internal Control Over Financial Reporting We have audited Equity LifeStyle Properties, Inc.’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Equity LifeStyle Properties, Inc. (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on the COSO criteria. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2025 and 2024, the related consolidated statements of income and comprehensive income, changes in equity, and cash flows for each of the three years in the period ended December 31, 2025, and the related notes and financial statement schedule listed in the Index at Item 15 and our report dated February 17, 2026 expressed an unqualified opinion thereon. Basis for Opinion The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Report of Management on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Definition and Limitations of Internal Control Over Financial Reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ Ernst & Young LLP Chicago, Illinois February 17, 2026 F-4 Equity LifeStyle Properties, Inc. Consolidated Balance Sheets (amounts in thousands, except share and per share data) December 31, 2025 December 31, 2024 Assets Investment in real estate: Land $ 2,088,174 $ 2,088,682 Land improvements 4,784,223 4,582,815 Buildings and other depreciable property 1,306,317 1,244,193 8,178,714 7,915,690 Accumulated depreciation ( 2,838,344 ) ( 2,639,538 ) Net investment in real estate 5,340,370 5,276,152 Cash and restricted cash 26,132 24,576 Notes receivable, net 93,358 50,726 Investment in unconsolidated joint ventures 85,041 83,772 Deferred commission expense 58,149 56,516 Other assets, net 142,343 153,910 Total Assets $ 5,745,393 $ 5,645,652 Liabilities and Equity Liabilities: Mortgage notes payable, net $ 2,779,158 $ 2,928,292 Term loans, net 437,455 199,344 Unsecured line of credit 105,000 77,000 Accounts payable and other liabilities 152,536 159,225 Deferred membership revenue 221,498 229,301 Accrued interest payable 11,333 10,679 Rents and other customer payments received in advance and security deposits 120,441 122,448 Distributions payable 103,146 95,577 Total Liabilities 3,930,567 3,821,866 Equity: Stockholders’ Equity: Preferred stock, $ 0.01 par value, 10,000,000 shares authorized as of December 31, 2025 and December 31, 2024; none issued and outstanding. — — Common stock, $ 0.01 par value, 600,000,000 shares authorized as of December 31, 2025 and December 31, 2024; 193,835,561 and 191,056,527 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively. 1,988 1,962 Paid-in capital 1,981,540 1,951,430 Distributions in excess of accumulated earnings ( 225,045 ) ( 214,979 ) Accumulated other comprehensive income/(loss) ( 2,208 ) 2,303 Total Stockholders’ Equity 1,756,275 1,740,716 Non-controlling interests – Common OP Units 58,551 83,070 Total Equity 1,814,826 1,823,786 Total Liabilities and Equity $ 5,745,393 $ 5,645,652 The accompanying notes are an integral part of the consolidated financial statements. F-5 Equity LifeStyle Properties, Inc. Consolidated Statements of Income and Comprehensive Income (amounts in thousands, except per share data) Years Ended December 31, 2025 2024 2023 Revenues: Rental income $ 1,282,532 $ 1,233,252 $ 1,178,959 Annual membership subscriptions 69,266 65,883 65,379 Membership upgrade revenue 12,412 16,433 14,719 Other income 62,794 75,354 67,407 Gross revenues from home sales, brokered resales and ancillary services 86,034 117,732 145,219 Interest income 9,572 9,238 9,037 Income from other investments, net 8,772 8,274 8,703 Total revenues 1,531,382 1,526,166 1,489,423 Expenses: Property operating and maintenance 493,412 480,438 469,912 Real estate taxes 85,148 81,966 77,993 Membership sales and marketing 16,069 22,063 20,974 Property management 80,784 78,114 76,170 Depreciation and amortization 208,895 203,879 203,738 Cost of home sales, brokered resales and ancillary sales 60,335 84,771 107,668 Home selling expenses and ancillary operating expenses 26,512 27,644 27,453 General and administrative 37,510 38,483 47,280 Casualty-related charges/(recoveries), net ( 4,487 ) ( 20,950 ) — Other expenses 4,850 5,533 5,768 Early debt retirement — 5,833 68 Interest and related amortization 131,005 137,710 132,342 Total expenses 1,140,033 1,145,484 1,169,366 Income before taxes and other items 391,349 380,682 320,057 Gain/(Loss) on sale of real estate and impairment, net 919 ( 2,466 ) ( 3,581 ) Income tax benefit 3,273 354 10,488 Equity in income/(loss) of unconsolidated joint ventures 6,520 6,248 2,713 Consolidated net income 402,061 384,818 329,677 Income allocated to non-controlling interests – Common OP Units ( 15,553 ) ( 17,804 ) ( 15,470 ) Redeemable perpetual preferred stock dividends ( 16 ) ( 16 ) ( 16 ) Net income available for Common Stockholders $ 386,492 $ 366,998 $ 314,191 Consolidated net income $ 402,061 $ 384,818 $ 329,677 Other comprehensive income/(loss): Adjustment for fair market value of swaps ( 4,511 ) ( 3,758 ) ( 13,058 ) Consolidated comprehensive income 397,550 381,060 316,619 Comprehensive income allocated to non-controlling interests – Common OP Units ( 15,353 ) ( 17,622 ) ( 14,862 ) Redeemable perpetual preferred stock dividends ( 16 ) ( 16 ) ( 16 ) Comprehensive income attributable to Common Stockholders $ 382,181 $ 363,422 $ 301,741 The accompanying notes are an integral part of the consolidated financial statements. F-6 Equity LifeStyle Properties, Inc. Consolidated Statements of Income and Comprehensive Income (amounts in thousands, except per share data) Years Ended December 31, 2025 2024 2023 Earnings per Common Share – Basic $ 2.01 $ 1.96 $ 1.69 Earnings per Common Share – Fully Diluted $ 2.01 $ 1.96 $ 1.69 Weighted average Common Shares outstanding – Basic 192,137 187,439 186,061 Weighted average Common Shares outstanding – Fully Diluted 200,114 196,636 195,429 The accompanying notes are an integral part of the consolidated financial statements. F-7 Equity LifeStyle Properties, Inc. Consolidated Statements of Changes In Equity (amounts in thousands) Common Stock Paid-in Capital Redeemable Perpetual Preferred Stock Distributions in Excess of Accumulated Earnings Accumulated Other Comprehensive Income (Loss) Non- Controlling Interests – Common OP Units Total Equity Balance as of December 31, 2022 1,916 1,628,618 — ( 204,248 ) 19,119 72,080 1,517,485 Exchange of Common OP Units for Common Stock 1 1,237 — — — ( 1,238 ) — Issuance of Common Stock through employee stock purchase plan — 1,983 — — — — 1,983 Compensation expenses related to restricted stock and stock options — 14,711 — — — — 14,711 Repurchase of Common Stock or Common OP Units — ( 1,932 ) — — — — ( 1,932 ) Adjustment for Common OP Unitholders in the Operating Partnership — ( 20 ) — — — 20 — Adjustment for fair market value of swap — — — — ( 13,058 ) — ( 13,058 ) Consolidated net income — — 16 314,191 — 15,470 329,677 Distributions — — ( 16 ) ( 333,519 ) — ( 16,432 ) ( 349,967 ) Other — ( 278 ) — — — — ( 278 ) Balance as of December 31, 2023 1,917 1,644,319 — ( 223,576 ) 6,061 69,900 1,498,621 Exchange of Common OP Units for Common Stock — 6 — — — ( 6 ) — Issuance of Common Stock through employee stock purchase plan — 1,790 — — — — 1,790 Issuance of Common Stock 45 317,342 — — — — 317,387 Compensation expenses related to restricted stock and stock options — 6,702 — — — — 6,702 Repurchase of Common Stock or Common OP Units — ( 1,908 ) — — — — ( 1,908 ) Adjustment for Common OP Unitholders in the Operating Partnership — ( 12,761 ) — — — 12,761 — Adjustment for fair market value of swap — — — — ( 3,758 ) — ( 3,758 ) Consolidated net income — — 16 366,998 — 17,804 384,818 Distributions — — ( 16 ) ( 358,401 ) — ( 17,389 ) ( 375,806 ) Other — ( 4,060 ) — — — — ( 4,060 ) Balance as of December 31, 2024 1,962 1,951,430 — ( 214,979 ) 2,303 83,070 1,823,786 Exchange of Common OP Units for Common Stock 26 24,012 — — — ( 24,039 ) ( 1 ) Issuance of Common Stock through employee stock purchase plan — 1,505 — — — — 1,505 Compensation expenses related to restricted stock and stock options — 7,252 — — — — 7,252 Repurchase of Common Stock or Common OP Units — ( 2,258 ) — — — — ( 2,258 ) Adjustment for Common OP Unitholders in the Operating Partnership — 35 — — — ( 35 ) — Adjustment for fair market value of swap — — — — ( 4,511 ) — ( 4,511 ) Consolidated net income — — 16 386,492 — 15,553 402,061 Distributions — — ( 16 ) ( 396,558 ) — ( 15,998 ) ( 412,572 ) Other — ( 436 ) — — — — ( 436 ) Balance as of December 31, 2025 $ 1,988 $ 1,981,540 $ — $ ( 225,045 ) $ ( 2,208 ) $ 58,551 $ 1,814,826 The accompanying notes are an integral part of the consolidated financial statements. F-8 Equity LifeStyle Properties, Inc. Consolidated Statements of Cash Flows (amounts in thousands) Years Ended December 31, 2025 2024 2023 Cash Flows From Operating Activities: Consolidated net income $ 402,061 $ 384,818 $ 329,677 Adjustments to reconcile consolidated net income to net cash provided by operating activities: Loss on sale of real estate and impairment, net ( 919 ) 2,466 3,581 Early debt retirement — 5,833 68 Depreciation and amortization 213,743 209,398 209,101 Amortization of loan costs 5,140 5,228 4,921 Debt premium amortization — — ( 62 ) Equity in (income)/loss of unconsolidated joint ventures ( 6,520 ) ( 6,248 ) ( 2,713 ) Distributions of income from unconsolidated joint ventures 395 1,331 1,328 Proceeds from insurance claims, net ( 4,016 ) ( 26,753 ) 37,561 Compensation expense related to incentive plans 7,252 9,372 17,833 Revenue recognized from membership upgrade sales upfront payments ( 13,736 ) ( 16,433 ) ( 14,719 ) Commission expense related to memberships sales 4,969 4,577 4,211 Deferred income tax benefit ( 1,222 ) ( 354 ) ( 10,488 ) Changes in assets and liabilities: Manufactured homes, net ( 44,701 ) 12,463 ( 31,825 ) Notes receivable, net 13,245 ( 4,591 ) ( 4,646 ) Deferred commission expense ( 6,602 ) ( 7,452 ) ( 7,411 ) Other assets, net 5,783 ( 4,291 ) ( 1,362 ) Accounts payable and other liabilities ( 7,704 ) 212 ( 25,778 ) Deferred membership revenue 5,934 31,148 35,313 Rents and other customer payments received in advance and security deposits ( 1,954 ) ( 4,003 ) 3,415 Net cash provided by operating activities 571,148 596,721 548,005 Cash Flows From Investing Activities: Real estate acquisitions, net — ( 1,334 ) ( 9,326 ) Proceeds from disposition of properties, net 2,525 — — Investment in unconsolidated joint ventures ( 9,689 ) ( 10,343 ) ( 9,275 ) Distributions of capital from unconsolidated joint ventures 13,924 15,415 5,625 Proceeds from insurance claims, net 9,358 19,703 5,309 Issuance of notes receivable ( 56,110 ) — — Capital improvements ( 237,091 ) ( 241,279 ) ( 317,086 ) Net cash used in investing activities ( 277,083 ) ( 217,838 ) ( 324,753 ) Cash Flows From Financing Activities: Proceeds from stock options and employee stock purchase plan 1,506 1,790 1,984 Gross proceeds from the issuance of common stock — 317,388 — Distributions: Common Stockholders ( 387,963 ) ( 350,598 ) ( 326,404 ) Common OP Unitholders ( 17,026 ) ( 17,117 ) ( 16,156 ) Preferred Stockholders ( 16 ) ( 16 ) ( 16 ) Share based award tax withholding payments ( 2,258 ) ( 1,908 ) ( 1,932 ) Principal payments and mortgage debt repayment ( 151,822 ) ( 64,460 ) ( 164,583 ) Mortgage notes payable financing proceeds — — 463,753 Term loan proceeds 240,000 — — Term loan repayment — ( 300,000 ) — Line of credit repayment ( 867,000 ) ( 543,500 ) ( 688,000 ) Line of credit proceeds 895,000 589,500 521,000 Debt issuance and defeasance costs ( 2,494 ) ( 11,268 ) ( 5,033 ) Other ( 436 ) ( 4,055 ) ( 275 ) Net cash used in financing activities ( 292,509 ) ( 384,244 ) ( 215,662 ) Net increase (decrease) in cash and restricted cash 1,556 ( 5,361 ) 7,590 Cash and restricted cash, beginning of period 24,576 29,937 22,347 Cash and restricted cash, end of period $ 26,132 $ 24,576 $ 29,937 The accompanying notes are an integral part of the consolidated financial statements. F-9 Equity LifeStyle Properties, Inc. Consolidated Statements of Cash Flows (amounts in thousands) Years Ended December 31, 2025 2024 2023 Supplemental information: Cash paid for interest, net $ 129,968 $ 139,975 $ 130,234 Cash paid for the purchase of manufactured homes $ 77,500 $ 43,467 $ 106,627 Real estate acquisitions: Investment in real estate $ — $ ( 1,334 ) $ ( 10,057 ) Other assets, net — — 13 Rents and other customer payments received in advance and security deposits — — 718 Real estate acquisitions, net $ — $ ( 1,334 ) $ ( 9,326 ) The accompanying notes are an integral part of the consolidated financial statements. F-10 Equity LifeStyle Properties, Inc. Notes to Consolidated Financial Statements Note 1— Organization Equity LifeStyle Properties, Inc. (“ELS”), a Maryland corporation, together with MHC Operating Limited Partnership (the “Operating Partnership”) and its other consolidated subsidiaries (the “Subsidiaries”), are referred to herein as “we,” “us,” and “our.” We are a fully integrated owner of lifestyle-oriented properties (“Properties”) consisting of property operations and home sales and rental operations primarily within manufactured home (“MH”) and recreational vehicle (“RV”) communities and marinas. We provide our customers the opportunity to place manufactured homes and cottages, RVs and/or boats on our Properties either on a long-term or short-term basis. Our customers may lease individual developed areas (“Sites”) or enter into right-to-use contracts, also known as membership subscriptions, which provide them access to specific Properties for limited stays. Commencing with our taxable year ended December 31, 1993, we have elected to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. We believe we have qualified for taxation as a REIT. To maintain our qualification as a REIT, we must meet certain requirements, which are highly technical and complex. If we fail to qualify as a REIT, we could be subject to U.S. federal income tax at regular corporate rates. Additionally, we could remain disqualified as a REIT for four years following the year we first failed to qualify. Even as a REIT, we are subject to certain foreign, state and local taxes on our income and property and U.S. federal income and excise taxes on our undistributed income. Our Properties are owned primarily by the Operating Partnership and managed internally by affiliates of the Operating Partnership. We are the general partner of the Operating Partnership and own 96.8 % as of December 31, 2025. We contributed the proceeds from our various equity offerings, including our initial public offering, to the Operating Partnership. In exchange for these contributions, we received units of common interests in the partnership (“OP Units”) equal to the number of shares of common stock issued in such equity offerings. The limited partners of the Operating Partnership (the “Common OP Unitholders”) receive an allocation of net income that is based on their respective ownership percentage in the Operating Partnership that is presented on the consolidated financial statements as Non-controlling interests—Common OP Units. As of December 31, 2025, the Non-controlling interests—Common OP Units were 6,448,705 , which are exchangeable for an equivalent number of shares of our common stock or, at our option, cash. The issuance of additional shares of common stock or OP Units would change the respective ownership of the Operating Partnership for the Common OP Unitholders. Since we have elected to be taxed as a REIT for U.S. federal income tax purposes, certain activities, if performed by us, may not be qualifying REIT activities under the Internal Revenue Code of 1986, as amended (the “Code”). Accordingly, we have formed taxable REIT subsidiaries (each, a “TRS”). Our primary TRS is Realty Systems, Inc. (“RSI”) which, along with owning several properties, is engaged in the business of purchasing, selling and leasing factory-built homes located in Properties owned and managed by us. RSI also offers home sale brokerage services to our residents who may choose to sell their homes rather than relocate them when moving from a Property. Subsidiaries of RSI also operate ancillary activities at certain Properties, such as golf courses, pro shops, stores and restaurants. F-11 Equity LifeStyle Properties, Inc. Notes to Consolidated Financial Statements Note 2— Summary of Significant Accounting Policies (a) Basis of Presentation The consolidated financial statements present the results of operations, financial position and cash flows of ELS, its majority-owned and controlled subsidiaries and variable interest entities (“VIEs”) in which ELS is the primary beneficiary. Intercompany balances and transactions have been eliminated. The Operating Partnership meets the criteria as a VIE, where we are the general partner and controlling owner of approximately 96.8 %. The limited partners do not have substantive kick-out or participating rights. Our sole significant asset is our investment in the Operating Partnership, and consequently, substantially all of our assets and liabilities represent those assets and liabilities of the Operating Partnership. Additionally, we have the power to direct the Operating Partnership’s activities and the obligation to absorb its losses or the right to receive its benefits. Accordingly, we are the primary beneficiary, and we have continued to consolidate the Operating Partnership. Equity method of accounting is applied to entities in which ELS does not have a controlling interest but with respect to which it can exercise significant influence over the operations and major decisions. Our exposure to losses associated with unconsolidated joint ventures is primarily limited to the carrying value of these investments. Accordingly, distributions from a joint venture in excess of our carrying value are recognized in earnings. (b) Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. All property and site counts and acreage amounts are unaudited. (c) Investment in Real Estate Investment in real estate is recorded at cost less accumulated depreciation. Direct and indirect costs related to real estate improvement projects are capitalized, including salaries and related benefits of employees who are directly responsible for and spend their time on the execution and supervision of such projects. Land improvements consist primarily of improvements such as grading, landscaping and infrastructure items, such as streets, sidewalks or water mains. Improvements to buildings and other depreciable property include clubhouses, laundry facilities, maintenance storage facilities, rental units and furniture, fixtures and equipment. For development and expansion projects, we capitalize direct project costs, such as construction, architectural and legal, as well as, indirect project costs such as interest, real estate taxes and salaries and related benefits of employees who are directly involved in the project. Capitalization of these costs begins when the activities and related expenditures commence and cease when the project, or a portion of the project, is substantially complete and ready for its intended use. Depreciation is computed on a straight-line basis based on the estimated useful lives of the associated real estate assets. Useful Lives (in years) Land and Building Improvements 10 - 30 Manufactured Homes 10 - 25 Furniture, Fixture and Equipment 5 In-place leases Expected term Above and below-market leases Applicable lease term Repairs and maintenance are expensed as incurred and are recorded in Property operating and maintenance on the Consolidated Statements of Income and Comprehensive Income. Long-lived assets to be held and used, including our investment in real estate, are evaluated for impairment indicators quarterly or whenever events or changes in circumstances indicate a possible impairment. Our judgments regarding the F-12 Equity LifeStyle Properties, Inc. Notes to Consolidated Financial Statements Note 2—Summary of Significant Accounting Policies (continued) existence of impairment indicators are based on factors such as operational performance, market conditions, environmental and legal factors. Future events could occur which would cause us to conclude that impairment indicators exist and an impairment loss is warranted. If an impairment indicator exists related to a long-lived asset that is held and used, the expected future undiscounted cash flows are compared against the carrying amount of that asset. Forecasting cash flows requires us to make estimates and assumptions on various inputs including, but not limited to, rental revenue and expense growth rates, occupancy, levels of capital expenditure and capitalization rates. If the sum of the estimated undiscounted cash flows is less than the carrying amount of the asset, an impairment loss is recorded for the carrying amount in excess of the estimated fair value, if any, of the asset. (d) Acquisitions We account for acquisitions of investments in real estate by assessing each acquisition to determine if it meets the definition of a business or if it qualifies as an asset acquisition. We apply a screen test to evaluate if substantially all the fair value of the acquired property is concentrated in a single identifiable asset or group of similar identifiable assets to determine whether a transaction is accounted for as an asset acquisition or business combination. As most of our real estate acquisitions are concentrated in either a single asset or a group of similar identifiable assets, our real estate transactions are generally accounted for as asset acquisitions, which permits the capitalization of transaction costs to the basis of the acquired property. In estimating the fair values for purposes of allocating the purchase price, we utilize a number of sources, including independent appraisals or internal valuations that may be available in connection with the acquisition or financing of the respective Property and other market data. We also consider information obtained about each Property as a result of our due diligence, marketing and leasing activities in estimating the fair value of the tangible and intangible assets acquired and liabilities assumed. The following methods and assumptions are used to estimate the fair value of each class of asset acquired and liability assumed: Land – Market approach based on similar, but not identical, transactions in the market. Adjustments to comparable sales are based on both quantitative and qualitative data. Depreciable property – Cost approach based on market comparable data to replace adjusted for local variations, inflation and other factors. Manufactured homes – Sales comparison approach based on market prices for similar homes adjusted for differences in age or size. In-place leases – In-place leases are determined through a combination of estimates of market rental rates and expense reimbursement levels as well as an estimate of the length of time required to replace each lease. Above-market lease assets/below-market lease liabilities – Income approach based on discounted cash flows comparing contractual cash flows to be paid pursuant to the leases and our estimate of fair market lease rates over the remaining non-cancelable lease terms. For below-market leases, we also consider remaining initial lease terms plus any renewal periods. Notes receivable – Income approach based on discounted cash flows comparing contractual cash flows at a market rate adjusted based on particular notes’ or note holders’ down payment, credit score and delinquency status. Mortgage notes payable – Income approach based on discounted cash flows comparing contractual cash flows to cash flows of similar debt discounted based on market rates. (e) Intangibles and Goodwill We record acquired intangible assets at their estimated fair value separate and apart from goodwill. We amortize identified intangible assets and liabilities that are determined to have finite lives over the period the assets and liabilities are expected to contribute directly or indirectly to the future cash flows of the Property or business acquired. Intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. An impairment loss is recognized if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its estimated fair value. F-13 Equity LifeStyle Properties, Inc. Notes to Consolidated Financial Statements Note 2—Summary of Significant Accounting Policies (continued) The excess of the cost of an acquired entity over the net of the amounts assigned to assets acquired (including identified intangible assets) and liabilities assumed in a business combination is recorded as goodwill. Goodwill is not amortized but is tested for impairment at a level of reporting referred to as a reporting unit on an annual basis, or more frequently if events or changes in circumstances indicate that the asset might be impaired. As of December 31, 2025 and 2024, the gross carrying amount of identified intangible assets and goodwill was $ 55.6 million, which is reported as a component of Other assets, net on the Consolidated Balance Sheets. As of both December 31, 2025 and 2024, this amount was comprised of $ 38.0 million of identified intangible assets and $ 17.6 million of goodwill. Accumulated amortization of identified intangibles assets was $ 21.1 million and $ 16.6 million as of December 31, 2025 and 2024, respectively. The estimated annual aggregated amortization expense to be recognized over each of the next five years is $ 2.8 million. The weighted average remaining useful life is approximately five years . (f) Restricted Cash As of December 31, 2025 and 2024, restricted cash consisted of $ 18.2 million and $ 19.0 million, respectively, primarily related to cash reserved for customer deposits and escrows for insurance and real estate taxes. (g) Fair Value of Financial Instruments We disclose the estimated fair value of our financial instruments according to a fair value hierarchy. The valuation hierarchy is based on the transparency of the lowest level of input that is significant to the valuation of an asset or a liability as of the measurement date. The three levels are defined as follows: Level 1 - Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 - Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3 - Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The carrying values of cash and restricted cash, accounts receivable and accounts payable approximate their fair market values due to the short-term nature of these instruments. The carrying value of notes receivable approximates the fair market value as the interest rates are generally comparable to current market rates. Notes receivable includes a term loan made to an equity method investment of the Company, in the amount of $ 56.1 million, which is secured by the underlying Properties within the joint venture. Refer to Note 7. Investment in Unconsolidated Joint Ventures . The fair market value of mortgage notes payable, term loans and interest rate derivative are measured with Level 2 inputs using quoted prices and observable inputs from similar liabilities as disclosed in Note 9. Borrowing Arrangements and Note 10. Derivative Instruments and Hedging Activities. We also utilize Level 2 and Level 3 inputs as part of our determination of the purchase price allocation for our acquisitions. (h) Deferred Financing Costs, Net Deferred financing costs are amortized over the terms of the respective loans on a straight-line basis. Unamortized deferred financing costs are written-off when debt is retired before the maturity date. Deferred financing costs, net were $ 24.3 million and $ 25.1 million as of December 31, 2025 and 2024, respectively. F-14 Equity LifeStyle Properties, Inc. Notes to Consolidated Financial Statements Note 2—Summary of Significant Accounting Policies (continued) (i) Allowance for Credit Losses We account for allowance for credit losses under the current expected credit loss (“CECL”) impairment model for our financial assets, including receivables from tenants, receivables for annual membership subscriptions, notes receivable, contracts receivable and chattel loans, and present the net amount of the financial instrument expected to be collected. The CECL impairment model requires an estimate of expected credit losses, measured over the contractual life of an instrument, that considers forecasts of future economic conditions in addition to information about past events and current conditions. Our allowance for credit losses was as follows: December 31, (amounts in thousands): 2025 2024 Balance, beginning of year $ 23,576 $ 19,475 Provision for losses 7,065 5,865 Write-offs ( 10,577 ) ( 1,764 ) Balance, end of year $ 20,064 $ 23,576 (j) Revenue Recognition Our revenue streams are predominantly derived from customers renting our Sites or entering into membership subscriptions. Our MH Sites and annual RV and marina Sites are leased on an annual basis. Seasonal RV and marina Sites are leased to customers generally for one to six months . Transient RV and marina Sites are leased to customers on a short-term basis. Leases with our customers are accounted for as operating leases. Rental income is accounted for in accordance with Accounting Standard Codification (ASC) 842, Leases , and is recognized over the term of the respective lease or the length of a customer’s stay. We do not separate expenses reimbursed by our customers (“utility recoveries”) from the associated rental revenue as we meet the practical expedient criteria to combine these lease and non-lease components. We account for and present rental revenue and utility recoveries as a single component under Rental income in our Consolidated Statements of Income and Comprehensive Income as the timing and pattern of transfer for rental revenue and the associated utility recoveries are the same. Annual membership subscriptions and membership upgrades are accounted for in accordance with ASC 606, Revenue from Contracts with Customers. Membership subscriptions provide our customers access to specific Properties for limited stays at a specified group of Properties. Upgraded memberships provide enhanced benefits for members in good standing, including longer stays, the ability to make earlier reservations, potential discounts on rental units, and potential access to additional properties. Beginning in the first quarter of 2025, membership upgrade product offerings include two - to four-year term subscription products. Prior to the introduction of subscription-based upgrade products, membership upgrades required non-refundable upfront payments, with an option to finance the upfront payments. Beginning in the first quarter of 2025, upfront payment upgrade products and related financing options are no longer being offered by the Company, but members in good standing are entitled to enhanced benefits for as long as they choose to remain in the program. Membership subscriptions, including subscription-based membership upgrades, are presented within Annual membership subscriptions on the Consolidated Statements of Income and Comprehensive Income. Payments for membership subscriptions are deferred and recognized on a straight-line basis over the period during which access to Sites at certain Properties is provided. Membership subscription receivables are presented within Other assets, net on the Consolidated Balance Sheets and are net of an allowance for credit losses. Non-refundable upfront payments on our legacy product offerings are recognized on a straight-line basis over 24 years, and are presented within Membership upgrade revenue on the Consolidated Statements of Income and Comprehensive Income. Financed upgrade sales (also known as contract receivables) are presented within Notes receivable, net on the Consolidated Balance Sheets and are net of an allowance for credit losses. Revenue from home sales is recognized when the earnings process is complete. The earnings process is complete when the home has been delivered, the purchaser has accepted the home and title has transferred. We have a limited program under which we purchase loans made by an unaffiliated lender to homebuyers at our Properties. Financed home sales (also known as chattel loans) are presented within Notes receivable, net on the Consolidated Balance Sheets and are net of an allowance for credit losses. During the year ended December 31, 2024, the Company identified aged prepaid balances and determined these to no longer be liabilities of the Company. The reversal of these balances as an out-of-period adjustment resulted in an overstatement F-15 Equity LifeStyle Properties, Inc. Notes to Consolidated Financial Statements Note 2—Summary of Significant Accounting Policies (continued) of Other income in the Consolidated Statements of Income and Comprehensive Income of $ 6.8 million for the year ended December 31, 2024, which is not material to any previously reported periods. (k) Stock-Based Compensation Stock-based compensation expense for restricted stock awards with service conditions is measured based on the grant date fair value and recognized on a straight-line basis over the requisite service period of the individual grants. Stock-based compensation expense for restricted stock awards with performance conditions is measured based on the grant date fair value and recognized on a straight-line basis over the performance period of the individual grants, when achieving the performance targets is considered probable. We estimate and revisit the probability of achieving the performance targets periodically by updating our forecasts throughout the performance period as necessary. We also issue stock options by estimating the grant date fair value using the Black-Scholes option-pricing model and recognizing over the vesting period for options that are expected to vest. We estimate forfeitures at the time of grant based on historical experience, updated for changes in facts and circumstances, as appropriate, and in subsequent periods if actual forfeitures differ from those estimates. The expected volatility assumption is calculated based on our historical volatility, which is calculated over a period of time commensurate with the expected term of the options being valued. The risk-free interest rate assumption is based upon the U.S. Treasury yield curve in effect at the time of grant. The dividend yield assumption is based on our expectation of dividend payouts. (l) Insurance Recoveries We carry comprehensive insurance coverage for losses resulting from property damage and environmental liability and business interruption claims on all of our Properties. We record the estimated amount of expected insurance proceeds for property damage, clean-up costs and other losses incurred as an asset (typically a receivable from our insurance carriers) and income up to the amount of the losses incurred when receipt of insurance proceeds is deemed probable. Any amount of insurance recovery in excess of the losses incurred and any amount of insurance recovery related to business interruption are considered a gain contingency and are recognized in the period in which the insurance proceeds are received. During the years ended December 31, 2025, 2024 and 2023, we recognized debris removal and cleanup costs related to hurricane events, including Hurricane Ian, of $ 0.6 million, $ 7.4 million and $ 13.4 million, respectively, with $ 0.8 million, $ 6.0 million and $ 13.4 million, respectively, of insurance recovery revenue accruals related to the expenses. During the years ended December 31, 2025, 2024 and 2023, we also recorded $ 4.3 million, $ 22.3 million and $ 3.5 million, respectively, of insurance recovery revenue in excess of expenses and business interruption proceeds related to Hurricane Ian. The debris and cleanup costs and offsetting recovery accrual and reimbursement of capital expenditures are reflected in Casualty-related charges/(recoveries), net on the Consolidated Statements of Income and Comprehensive Income. During the years ended December 31, 2025, 2024 and 2023, we received insurance proceeds of approximately $ 12.0 million, $ 32.4 million and $ 68.3 million, respectively, of which $ 6.6 million, $ 7.6 million and $ 10.6 million, respectively, were identified as business interruption recovery revenue related to Hurricane Ian. (m) Non-Controlling Interests The OP Units are exchangeable for shares of common stock on a one -for-one basis at the option of the Common OP Unitholders, which we may, in our discretion, cause the Operating Partnership to settle in cash. The exchange is treated as a capital transaction, which results in an allocation between stockholders’ equity and non-controlling interests to account for the change in the respective percentage ownership of the underlying equity of the Operating Partnership. Net income is allocated to Common OP Unitholders based on their respective ownership percentage of the Operating Partnership. Such ownership percentage is calculated by dividing the number of OP Units held by the Common OP Unitholders by the total OP Units held by the Common OP Unitholders and the shares of common stock held by the common stockholders. Issuance of additional shares of common stock or OP Units would change the percentage ownership of both the Non-controlling interests – Common OP Units and the common stockholders. (n) Income Taxes Due to our structure as a REIT, the results of operations contain no provision for U.S. federal income taxes for the REIT. As of December 31, 2025 and 2024, the REIT had a federal net operating loss carryforward of approximately $ 15.3 million and F-16 Equity LifeStyle Properties, Inc. Notes to Consolidated Financial Statements Note 2—Summary of Significant Accounting Policies (continued) $ 46.1 million, respectively. The Company utilized zero and $ 2.3 million of the net operating loss carryforward to offset its tax and distribution requirements for the years ended December 31, 2025 and 2024, respectively. The REIT is entitled to utilize the net operating loss carryforward only to the extent that the REIT taxable income exceeds our deduction for dividends paid. Due to the uncertainty regarding the use of the REIT net operating loss carryforward, no net tax asset for the REIT has been recorded as of December 31, 2025 and 2024. In addition, we own certain TRSs, which are subject to federal and state income taxes at regular corporate tax rates and have federal net operating loss carryforwards. We regularly assess the need for a valuation allowance against our deferred tax assets and concluded at December 31, 2025 and 2024 that no valuation allowance should be recorded. During the year ended December 31, 2023, we released the full valuation allowance of $ 10.5 million. As of December 31, 2025 and 2024, our deferred tax assets were $ 12.1 million and $ 10.8 million, respectively. The REIT remains subject to certain foreign, state and local income, excise or franchise taxes; however, they are not material to our operating results or financial position. We do not have unrecognized tax benefit items. We, or one of our Subsidiaries, file income tax returns in the U.S. federal jurisdiction, various U.S. state jurisdictions and Canada. With few exceptions, we are no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2022. As of December 31, 2025, notes receivable had a U.S. federal tax basis of approximately $ 63.9 million (unaudited). Refer to Schedule III for net investment in real estate U.S. federal tax basis. Our tax treatment of common stock distributions was as follows: For the Years Ended December 31, 2025 2024 2023 Tax status of common stock distributions deemed paid during the year: Ordinary income $ 1.876 $ 1.801 $ 1.649 Long-term capital gains 0.010 — 0.005 Non-dividend distributions 0.078 0.109 0.141 Distributions declared per common stock outstanding $ 1.964 $ 1.910 $ 1.795 The quarterly distribution paid on January 9, 2026 is a split year distribution with $ 0.418345 per share of common stock considered a distribution made in 2025 and $ 0.096655 per share of common stock allocable to 2026 for federal tax purposes. (o) New Accounting Pronouncements In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2024-03, Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 requires additional disaggregated disclosure of the nature of expenses included in the income statement into certain required expense categories. This update is effective for annual periods beginning after December 15, 2026, with early adoption being permitted. We are currently evaluating the impact of ASU 2024-03 on our consolidated financial statements. F-17 Equity LifeStyle Properties, Inc. Notes to Consolidated Financial Statements Note 3— Leases Lessor Rental income derived from customers renting our Sites is recognized over the term of the respective operating lease or the length of a customer’s stay. MH Sites are generally leased on an annual basis to residents who own or lease factory-built homes, including manufactured homes. Annual RV and marina Sites are leased on an annual basis to customers who generally have an RV, factory-built cottage, boat or other unit placed on the site, including those Northern properties that are open for the summer season. Seasonal RV and marina Sites are leased to customers generally for one to six months . Transient RV and marina Sites are leased to customers on a short-term basis. In addition, customers may lease homes that are located in our communities. The leases entered into between the customer and us for a rental of a Site are renewable upon the consent of both parties or, in some instances, as provided by statute. Cancelable, long-term leases are in effect at certain Properties. Rental rate increases at these Properties are primarily a function of increases in the Consumer Price Index, taking into consideration certain conditions. Additionally, periodic market rate adjustments are made as deemed appropriate. In addition, certain state statutes allow entry into cancelable, long-term agreements that effectively modify lease terms related to rent amounts and increases over the term of the agreements. Lessee We lease land under non-cancelable operating leases at 14 Properties expiring at various dates between 2028 and 2056. The majority of the leases have terms requiring fixed payments plus additional rents based on a percentage of gross revenues at those Properties. We also have other operating leases, primarily office space, expiring at various dates through 2033. For the years ended December 31, 2025, 2024 and 2023, total operating lease payments were $ 7.1 million, $ 4.5 million and $ 6.5 million, respectively. The following table presents the operating lease payments in which we are the lessee: For the Years Ended December 31, (amounts in thousands) 2025 2024 2023 Fixed lease cost: Ground leases $ 708 $ 643 $ 671 Office and other leases 4,203 3,795 3,836 Variable lease cost: Ground leases 2,235 59 1,969 Total lease cost $ 7,146 $ 4,497 $ 6,476 The following table summarizes our minimum future rental payments, excluding variable costs, which are discounted by our incremental borrowing rate to calculate the lease liability for our operating leases as of December 31, 2025: (amounts in thousands) Ground Leases Office and Other Leases Total 2026 $ 686 $ 3,813 $ 4,499 2027 691 3,811 4,502 2028 687 3,369 4,056 2029 629 3,123 3,752 2030 595 2,869 3,464 Thereafter 2,540 5,043 7,583 Total undiscounted rental payments 5,828 22,028 27,856 Less imputed interest ( 1,295 ) ( 2,597 ) ( 3,892 ) Total lease liabilities $ 4,533 $ 19,431 $ 23,964 Right-of-use (“ROU”) assets and lease liabilities from our operating leases, included within Other assets, net and Accounts payable and other liabilities on the Consolidated Balance Sheets, were $ 20.8 million and $ 24.0 million, respectively, as of December 31, 2025. The weighted average remaining lease term for our operating leases was seven years , and the weighted average incremental borrowing rate was 4.1 % at December 31, 2025. F-18 Equity LifeStyle Properties, Inc. Notes to Consolidated Financial Statements Note 3—Leases (continued) ROU assets and lease liabilities from our operating leases, included within Other assets, net and Accounts payable and other liabilities on the Consolidated Balance Sheets, were $ 23.9 million and $ 27.1 million, respectively, as of December 31, 2024. The weighted average remaining lease term for our operating leases was eight years , and the weighted average incremental borrowing rate was 4.1 % at December 31, 2024. Note 4— Earnings Per Common Share Basic and fully diluted earnings per share are based on the weighted average shares outstanding during each year. The following table sets forth the computation of basic and diluted earnings per share of common stock (Common Share): For the Years Ended December 31, (amounts in thousands, except per share data) 2025 2024 2023 Numerators: Net income available to Common Stockholders—Basic $ 386,492 $ 366,998 $ 314,191 Amounts allocated to non-controlling interests (dilutive securities) 15,553 17,804 15,470 Net income available to Common Stockholders—Fully Diluted $ 402,045 $ 384,802 $ 329,661 Denominator: Weighted average Common Shares outstanding—Basic 192,137 187,439 186,061 Effect of dilutive securities: Exchange of Common OP Units for Common Shares 7,922 9,105 9,217 Stock options and restricted stock 55 92 151 Weighted average Common Shares outstanding and OP Units – Fully Diluted 200,114 196,636 195,429 Earnings per Common Share—Basic: $ 2.01 $ 1.96 $ 1.69 Earnings per Common Share—Fully Diluted: $ 2.01 $ 1.96 $ 1.69 Note 5— Common Stock and Other Equity Related Transactions Equity Offering Program On November 1, 2024, we entered into our current at-the-market (“ATM”) equity offering program with certain sales agents, pursuant to which we may sell, from time-to-time, shares of our common stock, par value $ 0.01 per share, having an aggregate offering price of up to $ 700.0 million. Prior to establishing our current ATM program, our prior ATM had an aggregate offering price of up to $ 500.0 million. During the year ended December 31, 2024, we sold approximately 4.5 million shares of our common stock at a price of $ 70.00 per Common Share from our prior ATM. Upon establishing our current ATM program, we terminated the prior ATM, of which approximately $ 185.0 million remained available for issuance. The following table presents the shares that were issued under our prior ATM equity offering programs: For the Years Ended December 31, (amounts in thousands, except share data) 2025 2024 2023 Shares of common stock sold — 4,534,108 — Weighted average price $ — $ 70.00 $ — Total gross proceeds $ — $ 317,387 $ — Commissions paid to sales agents $ — $ 3,174 $ — There was no ATM activity under the current ATM equity offering program during the year ended December 31, 2025 and as of December 31, 2025, the full capacity of $ 700.0 million remained available for issuance. Employee Stock Purchase Plan On May 10, 2016, we amended and restated the 1997 Non-Qualified Employee Stock Purchase Plan (“ESPP”). Pursuant to the ESPP, certain of our employees and directors may each annually acquire up to $ 250,000 of our common stock. The F-19 Equity LifeStyle Properties, Inc. Notes to Consolidated Financial Statements Note 5—Common Stock and Other Equity Related Transactions (continued) common stock may be purchased monthly at a price equal to 85 % of the lesser of: (a) the closing price for a share of common stock on the last day of the offering period and (b) the closing price for a share of common stock on the first day of the offering period. Shares of common stock issued through the ESPP for the years ended December 31, 2025, 2024 and 2023, were 21,695 , 25,918 and 29,428 , respectively. As of December 31, 2025, 596,966 shares remained available to be sold under the ESPP, subject to adjustment by our Board of Directors. Exchanges Subject to certain limitations, Common OP Unitholders can request an exchange of any or all of their OP Units for shares of common stock at any time. Upon receipt of such a request, we may, in lieu of issuing shares of common stock, cause the Operating Partnership to pay cash. Common Stock Activity and Distributions The following table presents the changes in our outstanding common stock (excluding OP Units of 6,448,705 , 9,103,904 and 9,104,654 outstanding at December 31, 2025, 2024 and 2023, respectively): For the Years Ended December 31, 2025 2024 2023 Shares outstanding at January 1, 191,056,527 186,426,281 186,120,298 Common stock issued through the ATM Equity Offering Program and its predecessor — 4,534,108 — Common stock issued through exchange of OP Units 2,655,199 750 160,911 Common stock issued through exercise of options 16,611 — — Common stock issued through restricted stock grants 117,992 107,004 143,275 Common stock forfeitures — ( 9,780 ) — Common stock issued through ESPP and Dividend Reinvestment Plan 23,839 26,765 30,205 Common stock repurchased and retired ( 34,607 ) ( 28,601 ) ( 28,408 ) Shares outstanding at December 31, 193,835,561 191,056,527 186,426,281 During the years ended December 31, 2025, 2024 and 2023, shares of common stock were surrendered to satisfy income tax withholding obligations primarily due to the vesting of restricted stock grants at a weighted average price of $ 65.25 , $ 66.72 and $ 68.02 per share, respectively. As of December 31, 2025, 2024 and 2023, ELS’ percentage ownership of the Operating Partnership was approximately 96.8 %, 95.5 % and 95.3 %, respectively. The remaining approximately 3.2 %, 4.5 % and 4.7 % as of December 31, 2025, 2024 and 2023, respectively, was owned by the Common OP Unitholders. The following regular quarterly distributions have been declared and paid to common stockholders and Common OP Unitholders since January 1, 2023: Distribution Amount Per Share For the Quarter Ended Stockholder Record Date Payment Date $ 0.4475 March 31, 2023 March 31, 2023 April 14, 2023 $ 0.4475 June 30, 2023 June 30, 2023 July 14, 2023 $ 0.4475 September 30, 2023 September 29, 2023 October 13, 2023 $ 0.4475 December 31, 2023 December 29, 2023 January 12, 2024 $ 0.4775 March 31, 2024 March 28, 2024 April 12, 2024 $ 0.4775 June 30, 2024 June 28, 2024 July 12, 2024 $ 0.4775 September 30, 2024 September 27, 2024 October 11, 2024 $ 0.4775 December 31, 2024 December 27, 2024 January 10, 2025 $ 0.5150 March 31, 2025 March 28, 2025 April 11, 2025 $ 0.5150 June 30, 2025 June 27, 2025 July 11, 2025 $ 0.5150 September 30, 2025 September 26, 2025 October 10, 2025 $ 0.5150 December 31, 2025 December 26, 2025 January 9, 2026 F-20 Equity LifeStyle Properties, Inc. Notes to Consolidated Financial Statements Note 6— Investment in Real Estate Dispositions During the year ended December 31, 2025, we disposed of two RV communities in the Property Operations segment for gross proceeds of $ 2.8 million. The dispositions resulted in a gain on sale of $ 1.4 million, which is included in Gain/(Loss) on sale of real estate and impairment, net in the Consolidated Statements of Income and Comprehensive Income. Impairment During the years ended December 31, 2024 and 2023, we recorded a $ 2.7 million reduction in the carrying value of certain assets related to Hurricanes Milton and Helene and a $ 3.6 million reduction to the carrying value of certain assets as a result of property damage caused by weather events, respectively, which are included in Gain/(Loss) on sale of real estate and impairment, net in the Consolidated Statements of Income and Comprehensive Income. Note 7— Investment in Unconsolidated Joint Ventures The following table summarizes our investment in unconsolidated joint ventures (investment amounts in thousands): Investment as of Investment December 31, 2025 December 31, 2024 RVC (a) $ 56,638 $ 61,505 Other (b) 28,403 22,267 $ 85,041 $ 83,772 Income/(Loss) for the Years Ended December 31, (d) Investment Location Number of Sites Economic Interest (c) 2025 2024 2023 RVC (a) Various 1,489 80 % ( 2,952 ) ( 1,630 ) ( 585 ) Other (b) Various 2,414 49 % to 65 % 9,472 7,878 3,298 3,903 $ 6,520 $ 6,248 $ 2,713 _____________________ (a) Includes three joint ventures which include eight operating RV communities and one RV property under development. (b) Includes various other joint ventures (c) The percentages shown approximate our economic interest as of December 31, 2025. Our legal ownership interest may differ. We do not exercise control over these entities. (d) Net of depreciation expense of $ 5.7 million, $ 4.8 million and $ 4.6 million for the years ended December 31, 2025, 2024 and 2023, respectively. Approximately $ 10.8 million, $ 7.4 million and $ 2.3 million of the distributions made to us exceeded our investment basis in joint ventures, and as such, were recorded as income from unconsolidated joint ventures for the years ended December 31, 2025, 2024 and 2023, respectively. During the year ended December 31, 2025, we made a $ 56.1 million term loan to RVC, which is presented within Notes receivable, net on the Consolidated Balance Sheets. The joint venture used the proceeds to repay its senior secured loan at maturity on June 17, 2025. The term loan has an interest rate of SOFR plus 1.35 % to 1.75 %, matures on June 17, 2026 and has an option to extend the maturity date by one year subject to our approval. As of December 31, 2025, the note receivable balance is $ 56.1 million. Note 8— Notes Receivable, net Notes receivable generally are presented at their outstanding unpaid principal balances, net of any allowances and unamortized discounts or premiums. Interest income is accrued on the unpaid principal balance. Discounts or premiums are amortized to income using the interest method. Contracts receivable represents financing for non-refundable upfront payments required for membership upgrades. Chattel loans represents purchases of loans made by an unaffiliated lender to finance the sales of homes to our customers at our Properties. The following table summarizes our notes receivable and related accrued interest, net of allowance (amounts in thousands): 21 Equity LifeStyle Properties, Inc. Notes to Consolidated Financial Statements Note 8—Notes Receivable, net (continued) As of December 31, As December 31, 2025 2025 2024 Weighted Average Interest Rate Weighted Average Remaining Term Contracts receivable $ 29,568 $ 42,255 11.9 % 3.8 years Chattel loans $ 7,428 $ 8,471 7.6 % 11.1 years RVC loan $ 56,362 $ — 5.0 % 0.5 years Notes Receivable, net $ 93,358 $ 50,726 Note 9— Borrowing Arrangements Mortgage Notes Payable The following table presents the carrying value, fair value and weighted average interest rates for our mortgage notes payable (amounts in thousands except percentages): As of December 31, 2025 As of December 31, 2024 Stated Interest Rate Maturity Date Carrying Value Fair Value Weighted Average Interest Rate Carrying Value Fair Value Weighted Average Interest Rate Mortgage notes payable 2.40 % to 5.10 % 2028 to 2041 $ 2,800,866 $ 2,404,789 3.77 % $ 2,952,689 $ 2,329,253 3.77 % Less: Deferred financing costs, net $ ( 21,708 ) $ ( 24,396 ) Mortgage notes payable, net $ 2,779,158 $ 2,928,293 The following table presents the number of encumbered Properties and the gross carrying value of such Properties (gross carrying value in thousands): As of December 31, 2025 As of December 31, 2024 Number of Encumbered Properties Gross Carrying Value Number of Encumbered Properties Gross Carrying Value Encumbered Properties 112 $ 3,266,579 120 $ 3,268,521 During the year ended December 31, 2025, we repaid $ 86.9 million of principal on eight mortgage loans using our line of credit (“LOC”). These mortgage loans had a weighted average interest rate of 3.45 % per annum and were secured by four RV communities and four MH communities. Unsecured Debt The following table presents the carrying value, fair value and weighted average interest rates for our unsecured debt (amounts in thousands): As of December 31, 2025 As of December 31, 2024 Stated Interest Rate Maturity Date Carrying Value (1) Effective Interest Rate Carrying Value (1) Effective Interest Rate $ 240.0 Million Term Loan (2) SOFR + 1.20 % to 1.70 % May 15, 2030 $ 240,000 4.74 % $ — — % $ 200.0 Million Term Loan SOFR + 0.10 % + 1.20 % to 1.70 % January 21, 2027 $ 200,000 4.88 % $ 200,000 4.88 % Line of Credit Borrowing (3) SOFR + 0.10 % + 1.25 % to 1.65 % July 18, 2028 $ 105,000 5.01 % $ 77,000 5.65 % Less: Deferred Financing Costs, net $ ( 2,545 ) $ ( 656 ) Total unsecured debt, net $ 542,455 $ 276,344 _____________________ (1) Carrying value approximates fair value. (2) During the year ended December 31, 2025, we entered into a $ 240.0 million unsecured term loan agreement (the “$ 240 million Term Loan”) and drew $ 150.0 million and $ 90.0 million in May 2025 and July 2025, respectively. (3) As of December 31, 2025, our LOC had a remaining borrowing capacity of $ 394.9 million. F-22 Equity LifeStyle Properties, Inc. Notes to Consolidated Financial Statements Note 9—Borrowing Arrangements (continued) We previously entered into a Third Amended and Restated Credit Agreement (“Credit Agreement”), pursuant to which we have access to a $ 500.0 million LOC and a $ 300.0 million senior unsecured term loan (the “$ 300 million Term Loan”). We have the option to increase the borrowing capacity by $ 200.0 million, subject to certain conditions. On March 1, 2023, we amended the Credit Agreement to transition the LIBOR rate borrowings to SOFR borrowings. The LOC bears interest at a rate of SOFR plus 0.10 % plus 1.25 % to 1.65 % and requires an annual facility fee of 0.20 % to 0.35 %. For both the LOC and the $ 300 million Term Loan, the spread over SOFR is variable based on leverage throughout the respective loan terms. On July 18, 2024, we entered into a Second Amendment to the Third Amended and Restated Credit Agreement (the “Second Amendment”). Pursuant to the Second Amendment, the LOC maturity date was extended to July 18, 2028, and this term can be extended for two additional six-month terms, subject to certain conditions. All other material terms, including interest rate terms, remain the same. On October 3, 2024, we repaid the $ 300 million Term Loan in conjunction with the sale of shares under our prior ATM (see Note 5. Common Stock and Other Equity Related Transactions). Future Maturities of Debt The following table presents the aggregate scheduled payments of principal on long-term borrowings for each of the next five years and thereafter as of December 31, 2025: (amounts in thousands) Amount 2026 $ 66,784 2027 269,482 2028 348,977 2029 335,060 2030 585,423 Thereafter 1,740,140 Total $ 3,345,866 As of December 31, 2025, we were in compliance in all material respects with the covenants in our borrowing arrangements. Note 10— Derivative Instruments and Hedging Activities Cash Flow Hedges of Interest Rate Risk We record all derivatives at fair value. Our objective in utilizing interest rate derivatives is to add stability to our interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The changes in the fair value of the designated derivative that qualify as a cash flow hedge are recorded in Accumulated other comprehensive income/(loss) on the Consolidated Balance Sheets and subsequently reclassified into earnings on the Consolidated Statements of Income and Comprehensive Income in the period that the hedged forecasted transaction affects earnings, and are presented in the same line item as the earnings effect of the hedged item. For cash flow hedges, this is typically when the periodic swap settlements are made. Proceeds or payments from premiums and periodic settlements of derivative instruments are classified in the same section of the Company’s Consolidated Statements of Cash Flows as the underlying hedged item. The following table presents the terms of our derivative financial instruments (notional amounts in thousands): F-23 Equity LifeStyle Properties, Inc. Notes to Consolidated Financial Statements Note 10—Derivative Instruments and Hedging Activities (continued) As of December 31, 2025 Interest Rate Derivatives Number of Instruments Notional Amount Weighted Average Interest Rate Index Weighted Average Remaining Term (Years) Interest rate swaps 7 $ 440,000 4.81 % SOFR 2.9 As of December 31, 2024 Interest Rate Derivatives Number of Instruments Notional Amount Weighted Average Interest Rate Index Weighted Average Remaining Term (Years) Interest rate swaps 1 $ 200,000 4.88 % SOFR 2.1 On October 3, 2024, we terminated interest rate swap agreements with an aggregate loss of $ 4.4 million. The Company determined that it was probable the hedge forecasted transactions would not occur during the original periods, and therefore, the $ 4.4 million of losses in Accumulated other comprehensive income/(loss) was reclassified to Early debt retirement in the Consolidated Statements of Income and Comprehensive Income in our Annual Report on Form 10-K for the year ended December 31, 2024. Our derivative financial instruments are classified as Level 2 in the fair value hierarchy. The following table presents the fair value of our derivative financial instruments: As of December 31, (amounts in thousands) Balance Sheet Location 2025 2024 Interest rate swaps Other assets, net $ — $ 2,303 Interest rate swaps Accounts payable and other liabilities $ 2,208 $ — The following table presents the amount of (gain)/loss recognized in Other comprehensive income/(loss) on derivatives on the Consolidated Statements of Income and Comprehensive Income (in thousands): For the Years ended December 31, Derivatives in Cash Flow Hedging Relationship 2025 2024 2023 Interest rate swaps $ 1,620 $ ( 5,877 ) $ ( 5,039 ) The following table presents the amount of (gain)/loss reclassified from Accumulated other comprehensive income/(loss) into income on the Consolidated Statements of Income and Comprehensive Income (in thousands): Derivatives in Cash Flow Hedging Relationship Location of (gain)/ loss reclassified from Accumulated OCI into income For the Years ended December 31, 2025 2024 2023 Interest rate swaps Interest expense $ ( 2,891 ) $ ( 14,022 ) $ ( 18,097 ) Early debt retirement $ — $ 4,387 $ — During the next twelve months, we estimate that $ 0.8 million will be reclassified as an increase to interest expense. This estimate may be subject to change as the underlying SOFR changes. We determined that no adjustment was necessary for non-performance risk on our derivative obligations. As of December 31, 2025, we had not posted any collateral related to the interest rate swaps. F-24 Equity LifeStyle Properties, Inc. Notes to Consolidated Financial Statements Note 11— Deferred Revenue from Membership Upgrades and Deferred Commission Expense The components of the change in Deferred revenue from membership upgrades and Deferred commission expense were as follows: As of December 31, (amounts in thousands) 2025 2024 Deferred revenue, beginning $ 218,164 $ 206,625 Deferred membership upgrade revenue 6,743 27,529 Revenue recognized from membership upgrades ( 13,736 ) ( 16,433 ) Net increase (decrease) in deferred revenue ( 6,993 ) 11,096 Deferred revenue, ending (1) $ 211,171 $ 217,721 Deferred commission expense, beginning $ 56,516 $ 53,641 Deferred commission expense 6,602 7,452 Commission expense recognized ( 4,969 ) ( 4,577 ) Net increase in deferred commission expense 1,633 2,875 Deferred commission expense, ending $ 58,149 $ 56,516 _____________________ (1) Included in Deferred membership revenue on the Consolidated Balance Sheets. Note 12— Equity Incentive Awards Grants Issued Under the 2014 Plan Our 2014 Equity Incentive Plan (the “2014 Plan”) was adopted by the Board of Directors on March 11, 2014 and approved by our stockholders on May 13, 2014. Our 2024 Equity Incentive Plan (the “2024 Plan”) was adopted by our Board of Directors on February 6, 2024 and approved by our stockholders on April 30, 2024. A maximum of 3,766,336 shares of common stock are available for grant under the 2024 Plan. The 2024 Plan replaced the 2014 Plan and is the sole plan available to us to provide equity incentive compensation to eligible participants as of its adoption. The table below presents shares issued by the Company under the 2014 Plan and the 2024 Plan (grant date fair value amounts in thousands): Plan Grant Date Time-Based Awards Performance Based Awards Total Awards Exercise Price Grant Date Fair Value 2014 Equity Incentive Plan February 6, 2024 45,187 45,191 90,378 $ 67.05 $ 4,040 2024 Equity Incentive Plan May 1, 2024 16,626 — 16,626 $ 60.29 $ 1,002 2024 Equity Incentive Plan February 4, 2025 49,881 49,884 99,765 $ 64.97 $ 4,372 2024 Equity Incentive Plan April 29, 2025 18,227 — 18,227 $ 63.79 $ 1,163 Restricted stock and options under the 2014 Plan and 2024 Plan have a maximum contractual term of ten years from the date of grant and have an exercise price not less than the fair value of the stock on the grant date. Individual grants could have different vesting periods but generally no longer than 3.5 years. All restricted stock awards have non-forfeitable rights to dividend payments even if the underlying stock does not entirely vest. For performance-based awards to be vested, performance conditions as established by the Compensation Committee in the year of the vesting period must be met. Awards are valued using the closing price at the grant date when all the key terms and conditions are known to all parties. For the shares under the 2014 Plan awarded on February 6, 2024, 45,187 shares are time-based awards and 45,191 are performance-based awards and vest in equal installments over a three-year period on February 4, 2025, February 3, 2026 and February 2, 2027, subject to the achievement of performance goals. The time-based awards have a grant date fair value of $ 3.0 million. The 15,062 shares of restricted stock subject to 2024 performance goals have a grant date fair value of $ 1.0 million. F-25 Equity LifeStyle Properties, Inc. Notes to Consolidated Financial Statements Note 12—Equity Incentive Awards (continued) Time-based awards for the shares under the 2024 Plan granted on May 1, 2024 are subject to various vesting dates between November 1, 2024 and April 30, 2027. For the shares under the 2024 Plan awarded on February 4, 2025, 47,503 are time-based awards and vest in equal installments over a three-year period on February 3, 2026, February 2, 2027 and February 1, 2028, respectively, with the remaining 2,378 shares vesting two-thirds on February 3, 2026 and one-third on February 2, 2027. These time-based awards have a grant date fair value of $ 3.2 million. The remaining 47,506 shares are performance-based awards and vest in equal installments over a three-year period on February 3, 2026, February 2, 2027 and February 1, 2028, respectively, subject to the achievement of performance goals, with the remaining 2,378 shares vesting two-thirds on February 3, 2026 and one-third on February 2, 2027. The 17,418 shares of restricted stock subject to 2024 performance goals have a grant date fair value of $ 1.1 million. Time-based awards for the shares under the 2024 Plan granted on April 29, 2025 are subject to various vesting dates between October 29, 2025 and April 28, 2028. As of December 31, 2025, 3,641,498 shares remained available for future grants. Restricted Stock A summary of our restricted stock activities and related information is as follows: Number of Shares Weighted Average Grant Date Fair Value Per Share Balance at December 31, 2022 266,382 $ 69.24 Granted 143,275 $ 56.63 Forfeited/Cancelled — $ — Vested ( 228,478 ) $ 72.25 Balance at December 31, 2023 181,179 $ 55.84 Granted 107,004 $ 66.00 Forfeited/Cancelled ( 9,780 ) $ 69.95 Vested ( 99,462 ) $ 70.11 Balance at December 31, 2024 178,941 $ 69.51 Granted 117,992 $ 64.79 Forfeited/Cancelled — $ — Vested ( 95,241 ) $ 70.38 Balance at December 31, 2025 201,692 $ 66.34 Compensation expense to be recognized subsequent to December 31, 2025 for restricted stock granted during or prior to 2025 that have not yet vested was $ 3.8 million, which is expected to be recognized over a weighted average term of 1.6 years. Stock Options The fair value of stock options granted was estimated on the grant date using the Black-Scholes-Merton model. The following table includes the assumptions made in the valuation: 2025 2024 Dividend Yield 3.3 % 3.1 % Risk-Free Interest Rate 3.9 % 4.6 % Expected Life 6.0 years 5.8 years Expected Volatility 28.6 % 28.7 % Weighted Average Grant Date Fair Value Per Share $ 15.06 $ 15.28 No options were forfeited or expired for the years ended December 31, 2025, 2024 and 2023. A summary of our stock option activity and related information is as follows: F-26 Equity LifeStyle Properties, Inc. Notes to Consolidated Financial Statements Note 12—Equity Incentive Awards (continued) Shares Subject To Options Weighted Average Exercise Price Per Share Weighted Average Outstanding Contractual Life (in years) Average Intrinsic Value (in thousands) Balance at December 31, 2022 80,985 $ 54.94 6.2 $ 994 Options issued 8,450 $ 68.01 Balance at December 31, 2023 89,435 $ 56.18 5.6 $ 1,351 Options issued 29,855 $ 60.29 Balance at December 31, 2024 119,290 $ 57.21 5.8 $ 1,265 Options issued 15,680 $ 63.79 Options exercised ( 41,500 ) $ 40.65 $ 1,126 Balance at December 31, 2025 93,470 $ 65.66 7.1 $ 10 Exercisable at December 31, 2025 62,720 $ 67.42 6.2 $ 5 The table below provides the amount of stock-based compensation expense, reported in General and administrative expense on the Consolidated Statements of Income and Comprehensive Income: For the Years Ended December 31, (amount in thousands) 2025 2024 2023 (1) Stock-Based Compensation Expense $ 7,252 $ 6,702 $ 14,711 _____________________ (1) Includes accelerated vesting of stock-based compensation expense of $ 6.3 million recognized during the quarter ended June 30, 2023, as a result of the passing of a member of our Board of Directors. Note 13— Savings Plan We maintain a qualified retirement plan under which eligible employees may defer compensation for income tax purposes under Section 401(k) of the Internal Revenue Code (the “401K Plan”). The 401K Plan permits eligible employees and those of any Subsidiary to defer up to 60.0 % of their compensation on a pre-tax basis subject to certain limits. In addition, we match 100.0 % of their contribution up to the first 3.0 % and then 50.0 % of the next 2.0 % for a maximum potential match of 4.0 %. Both employee contributions and our matching contributions vest immediately. Our contribution to the 401K Plan was approximately $ 3.1 million, $ 3.2 million and $ 2.8 million for the years ended December 31, 2025, 2024 and 2023, respectively. Note 14— Commitments and Contingencies We are involved in various legal and regulatory proceedings (“Proceedings”) arising in the ordinary course of business. The Proceedings include, but are not limited to, legal claims made by employees, vendors and customers, and notices, consent decrees, information requests, additional permit requirements and other similar enforcement actions by governmental agencies relating to our utility infrastructure, including water and wastewater treatment plants and other waste treatment facilities and electrical systems. Additionally, in the ordinary course of business, our operations are subject to audit by various taxing authorities. Management believes these Proceedings taken together do not represent a material liability. In addition, to the extent any such Proceedings or audits relate to newly acquired Properties, we consider any potential indemnification obligations of sellers in our favor. Beginning on August 31, 2023 through December 4, 2023, certain private party plaintiffs filed several putative class actions in the U.S. District Court for the Northern District of Illinois, Eastern Division, against Datacomp Appraisal Systems, Inc. (“Datacomp”) and several owner/operators of manufactured housing communities, including ELS (the “Datacomp Litigation”), alleging that the community owner/operators used JLT Market Reports produced by Datacomp to conspire to raise manufactured home lot rents in violation of Section 1 of the Sherman Act. ELS purchased Datacomp in connection with the MHVillage/Datacomp acquisition during the year ended December 31, 2021. On December 15, 2023, the plaintiffs filed an amended consolidated complaint captioned, In re Manufactured Home Lot Rents Antitrust Litigation, No. 1:23-cv-6715. Plaintiffs seek both injunctive relief and monetary damages, including attorneys’ fees. The defendants filed a motion to dismiss on January 29, 2024. On December 4, 2025, the Court granted defendants’ motion to dismiss without prejudice. On January 26, 2026, plaintiffs filed an amended complaint. F-27 Equity LifeStyle Properties, Inc. Notes to Consolidated Financial Statements Note 14—Commitments and Contingencies (continued) We believe that the Datacomp Litigation is without merit, and we intend to vigorously defend our interests in this matter. As of December 31, 2025 , we have not made an accrual as we are unable to predict the outcome of this matter or reasonably estimate any possible loss. Note 15— Reportable Segments Operating segments are defined as components of an entity for which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”). We have identified two reportable segments: (i) Property Operations and (ii) Home Sales and Rentals Operations. The Property Operations segment owns and operates land lease Properties and the Home Sales and Rentals Operations segment purchases, sells and leases homes at the Properties. The distribution of the Properties throughout the United States reflects our belief that geographic diversification helps insulate the total portfolio from regional economic influences. The CODM, who is our Vice Chairman and Chief Executive Officer, uses Net Operating Income (“NOI”) as the primary financial measure to evaluate segment performance. NOI is defined as total operating revenues less total operating expenses. Segments are assessed before interest income and depreciation and amortization. The CODM regularly uses NOI predominately in comparing current financial performance with past financial performance, identifying business trends, and forecasting future periods in making resource allocation decisions and managing expenses to maximize value for the Company and its shareholders. All revenues are from external customers and there is no customer who contributed 10% or more of our total revenues during the years ended December 31, 2025, 2024 and 2023. The following tables summarize our segment financial information: For the Year Ended December 31, 2025 (amounts in thousands) Property Operations Home Sales and Rentals Operations Consolidated Operations revenues 1,456,083 56,955 1,513,038 Operations expenses ( 711,640 ) ( 50,620 ) ( 762,260 ) NOI 744,443 6,335 750,778 Reconciliation to consolidated net income: Depreciation and amortization ( 208,895 ) Gain/(Loss) on sale of real estate and impairment, net 919 Interest income 9,572 Income from other investments, net 8,772 General and administrative ( 37,510 ) Casualty-related charges/(recoveries), net 4,487 Other expenses ( 4,850 ) Interest and related amortization ( 131,005 ) Income tax benefit 3,273 Equity in income of unconsolidated joint ventures 6,520 Consolidated net income $ 402,061 Total assets $ 5,466,181 $ 279,212 $ 5,745,393 Capital improvements $ 219,613 $ 17,478 $ 237,091 F-28 Equity LifeStyle Properties, Inc. Notes to Consolidated Financial Statements Note 15—Reportable Segments (continued) For the Year Ended December 31, 2024 (amounts in thousands) Property Operations Home Sales and Rentals Operations Consolidated Operations revenues 1,422,422 86,232 1,508,654 Operations expenses ( 701,838 ) ( 73,158 ) ( 774,996 ) NOI 720,584 13,074 733,658 Reconciliation to consolidated net income: Depreciation and amortization ( 203,879 ) Gain/(Loss) on sale of real estate and impairment, net ( 2,466 ) Interest income 9,238 Income from other investments, net 8,274 General and administrative ( 38,483 ) Casualty-related charges/(recoveries), net 20,950 Other expenses ( 5,533 ) Interest and related amortization ( 137,710 ) Income tax benefit 354 Equity in income of unconsolidated joint ventures 6,248 Early debt retirement ( 5,833 ) Consolidated net income $ 384,818 Total assets $ 5,402,509 $ 243,143 $ 5,645,652 Capital improvements $ 227,942 $ 13,337 $ 241,279 For the Year Ended December 31, 2023 (amounts in thousands) Property Operations Home Sales and Rentals Operations Consolidated Operations revenues 1,361,792 109,891 1,471,683 Operations expenses ( 685,392 ) ( 94,778 ) ( 780,170 ) NOI 676,400 15,113 691,513 Reconciliation to consolidated net income: Depreciation and amortization ( 203,738 ) Gain/(Loss) on sale of real estate and impairment, net ( 3,581 ) Interest income 9,037 Income from other investments, net 8,703 General and administrative ( 47,280 ) Other expenses ( 5,768 ) Interest and related amortization ( 132,342 ) Income tax benefit 10,488 Equity in income of unconsolidated joint ventures 2,713 Early debt retirement ( 68 ) Consolidated net income 329,677 Total assets 5,342,386 $ 271,347 $ 5,613,733 Capital Improvements $ 290,081 $ 27,005 $ 317,086 F-29 Equity LifeStyle Properties, Inc. Notes to Consolidated Financial Statements Note 15—Reportable Segments (continued) The following table summarizes our financial information for the Property Operations segment: For the Years Ended December 31, (amounts in thousands) 2025 2024 2023 Revenues: Rental income $ 1,268,243 $ 1,219,534 $ 1,164,333 Annual membership subscriptions 69,266 65,883 65,379 Membership upgrade revenue 12,412 16,433 14,719 Other income 62,794 75,354 67,407 Gross revenues from ancillary services 43,368 45,218 49,954 Total property operations revenues 1,456,083 1,422,422 1,361,792 Expenses: Utility expense 164,397 159,058 155,160 Payroll 120,715 120,204 120,310 Repairs & maintenance 99,178 93,997 94,424 Insurance and other 103,914 101,510 94,618 Real estate taxes 85,148 81,966 77,993 Membership sales and marketing 16,069 22,063 20,974 Cost of ancillary services 20,787 23,525 24,192 Ancillary operating expenses 20,648 21,401 21,551 Property management 80,784 78,114 76,170 Total property operations expenses 711,640 701,838 685,392 NOI $ 744,443 $ 720,584 $ 676,400 The following table summarizes our financial information for the Home Sales and Rentals Operations segment: For the Years Ended December 31, (amounts in thousands) 2025 2024 2023 Revenues: Rental income (1) $ 14,289 $ 13,718 $ 14,626 Gross revenue from home sales and brokered resales 42,666 72,514 95,265 Total revenues 56,955 86,232 109,891 Expenses: Cost of home sales and brokered resales 39,548 61,246 83,476 Home selling expenses 5,864 6,243 5,902 Rental home operating and maintenance 5,208 5,669 5,400 Total expenses 50,620 73,158 94,778 NOI $ 6,335 $ 13,074 $ 15,113 _____________________ (1) Rental income within Home Sales and Rentals Operations does not include base rent related to the rental home Sites. Base rent is included within property operations Note 16— Subsequent Events Dividend On January 28, 2026, our Board of Directors approved setting the annual dividend rate for 2026 at $ 2.17 per share of common stock, an increase of $ 0.11 over the current $ 2.06 per share of common stock for 2025. Our Board of Directors, in its sole discretion, will determine the amount of each quarterly dividend in advance of payment. F-30 Schedule III Equity LifeStyle Properties, Inc. Real Estate and Accumulated Depreciation Initial Cost to ELS Costs Capitalized Subsequent to Acquisition (Improvements) Gross Amount Carried at 12/31/25 Real Estate (1) Location Encumbrances Land Depreciable Property Land Depreciable Property Land Depreciable Property Total (3) Accumulated Depreciation Date of Acquisition Properties Held for Long Term Hidden Cove Arley AL $ — $ 212 $ 610 $ — $ 2,195 $ 212 $ 2,805 $ 3,017 $ ( 962 ) 2006 Apache East Apache Junction AZ — 2,236 4,181 — 425 2,236 4,606 6,842 ( 2,302 ) 2011 Countryside RV Apache Junction AZ — 2,056 6,241 — 2,165 2,056 8,406 10,462 ( 5,954 ) 2002 Denali Park Apache Junction AZ — 2,394 4,016 — 920 2,394 4,936 7,330 ( 2,277 ) 2011 Dolce Vita Apache Junction AZ ( 38,890 ) 52,803 37,245 — 10,032 52,803 47,277 100,080 ( 11,373 ) 2020 Golden Sun RV Apache Junction AZ — 1,678 5,049 — 2,156 1,678 7,205 8,883 ( 4,498 ) 2002 Meridian RV Resort Apache Junction AZ — 6,445 5,292 — 816 6,445 6,108 12,553 ( 2,103 ) 2020 Casita Verde Casa Grande AZ — 719 2,179 — 625 719 2,804 3,523 ( 1,617 ) 2006 Fiesta Grande Casa Grande AZ — 2,869 8,653 — 2,848 2,869 11,501 14,370 ( 6,416 ) 2006 Foothills West Casa Grande AZ — 747 2,261 — 1,208 747 3,469 4,216 ( 1,886 ) 2006 Sunshine Valley Chandler AZ ( 27,304 ) 9,139 12,912 — 1,400 9,139 14,312 23,451 ( 6,953 ) 2011 Verde Valley Cottonwood AZ — 1,437 3,390 19 8,632 1,456 12,022 13,478 ( 4,941 ) 2004 Casa del Sol East II Glendale AZ — 2,103 6,283 — 4,431 2,103 10,714 12,817 ( 6,919 ) 1996 Casa del Sol East III Glendale AZ — 2,450 7,452 — 1,969 2,450 9,421 11,871 ( 7,634 ) 1998 Palm Shadows Glendale AZ — 1,400 4,218 — 2,491 1,400 6,709 8,109 ( 5,423 ) 1993 Hacienda De Valencia Mesa AZ ( 15,373 ) 833 2,701 — 6,704 833 9,405 10,238 ( 6,637 ) 1984 Mesa Spirit Mesa AZ ( 11,947 ) 17,382 25,238 192 2,247 17,574 27,485 45,059 ( 10,188 ) 2014 Monte Vista Resort Mesa AZ ( 57,291 ) 11,402 34,355 — 40,964 11,402 75,319 86,721 ( 35,653 ) 2004 Seyenna Vistas Mesa AZ — 1,360 4,660 ( 87 ) 4,437 1,273 9,097 10,370 ( 7,150 ) 1994 The Highlands at Brentwood Mesa AZ ( 9,589 ) 1,997 6,024 — 3,092 1,997 9,116 11,113 ( 7,753 ) 1993 ViewPoint RV & Golf Resort Mesa AZ ( 134,675 ) 24,890 56,340 15 30,651 24,905 86,991 111,896 ( 51,865 ) 2004 Apollo Village Peoria AZ — 932 3,219 — 2,280 932 5,499 6,431 ( 4,544 ) 1994 Casa del Sol West Peoria AZ — 2,215 6,467 — 3,704 2,215 10,171 12,386 ( 6,910 ) 1996 Carefree Manor Phoenix AZ — 706 3,040 — 1,595 706 4,635 5,341 ( 3,602 ) 1998 Central Park Phoenix AZ ( 7,785 ) 1,612 3,784 — 2,982 1,612 6,766 8,378 ( 5,270 ) 1983 Desert Skies Phoenix AZ ( 3,634 ) 792 3,126 — 1,416 792 4,542 5,334 ( 3,612 ) 1998 Sunrise Heights Phoenix AZ ( 4,451 ) 1,000 3,016 — 2,628 1,000 5,644 6,644 ( 4,337 ) 1994 Whispering Palms Phoenix AZ — 670 2,141 — 814 670 2,955 3,625 ( 2,367 ) 1998 Sedona Shadows Sedona AZ — 1,096 3,431 — 5,033 1,096 8,464 9,560 ( 4,817 ) 1997 Venture In Show Low AZ ( 8,707 ) 2,050 6,188 — 1,530 2,050 7,718 9,768 ( 4,543 ) 2006 Paradise Sun City AZ ( 36,218 ) 6,414 19,263 11 5,423 6,425 24,686 31,111 ( 16,412 ) 2004 The Meadows AZ Tempe AZ ( 12,958 ) 2,613 7,887 — 6,418 2,613 14,305 16,918 ( 11,122 ) 1994 S-1 Schedule III Equity LifeStyle Properties, Inc. Real Estate and Accumulated Depreciation Initial Cost to ELS Costs Capitalized Subsequent to Acquisition (Improvements) Gross Amount Carried at 12/31/25 Real Estate (1) Location Encumbrances Land Depreciable Property Land Depreciable Property Land Depreciable Property Total (3) Accumulated Depreciation Date of Acquisition Fairview Manor Tucson AZ — 1,674 4,708 — 3,588 1,674 8,296 9,970 ( 6,273 ) 1998 The Crossing at Voyager (2) Tucson AZ — 6,148 — — 14,180 6,148 14,180 20,328 ( 912 ) 2020 Voyager Tucson AZ ( 36,567 ) 13,133 63,886 — 4,388 13,133 68,274 81,407 ( 19,370 ) 2021 Westpark Wickenburg AZ ( 15,942 ) 4,495 10,517 — 6,100 4,495 16,617 21,112 ( 6,591 ) 2011 Araby Acres Yuma AZ — 1,440 4,345 — 1,857 1,440 6,202 7,642 ( 3,913 ) 2003 Cactus Gardens Yuma AZ — 1,992 5,984 — 1,166 1,992 7,150 9,142 ( 4,682 ) 2004 Capri Yuma AZ — 1,595 4,774 — 900 1,595 5,674 7,269 ( 3,413 ) 2006 Desert Paradise Yuma AZ — 666 2,011 — 729 666 2,740 3,406 ( 1,752 ) 2004 Foothill Village Yuma AZ — 459 1,402 — 1,075 459 2,477 2,936 ( 1,334 ) 2003 Mesa Verde RV Yuma AZ ( 3,607 ) 1,387 4,148 — 1,378 1,387 5,526 6,913 ( 3,163 ) 2007 Suni Sands Yuma AZ — 1,249 3,759 — 1,064 1,249 4,823 6,072 ( 3,170 ) 2004 Cultus Lake Lindell Beach BC — 410 968 6 788 416 1,756 2,172 ( 1,379 ) 2004 Soledad Canyon Acton CA — 2,933 6,917 39 23,257 2,972 30,174 33,146 ( 9,957 ) 2004 Los Ranchos Apple Valley CA — 8,336 15,774 — 9,499 8,336 25,273 33,609 ( 9,197 ) 2011 Monte del Lago Castroville CA ( 38,729 ) 3,150 9,469 — 8,075 3,150 17,544 20,694 ( 12,037 ) 1997 Date Palm Country Club Cathedral City CA — — 18,179 — 13,868 — 32,047 32,047 ( 25,192 ) 1994 Palm Springs Oasis RV Resort Cathedral City CA — — 216 — 1,816 — 2,032 2,032 ( 757 ) 1994 Colony Park Ceres CA ( 7,610 ) 890 2,837 — 2,186 890 5,023 5,913 ( 3,597 ) 1998 Russian River Cloverdale CA — 368 868 5 1,863 373 2,731 3,104 ( 1,022 ) 2004 Oakzanita Springs Descanso CA — 396 934 5 4,329 401 5,263 5,664 ( 1,947 ) 2004 Rancho Mesa El Cajon CA ( 16,426 ) 2,130 6,389 — 3,360 2,130 9,749 11,879 ( 6,965 ) 1998 Rancho Valley El Cajon CA ( 21,066 ) 685 1,902 — 4,518 685 6,420 7,105 ( 3,397 ) 1983 Snowflower Emigrant Gap CA — 308 727 4 2,457 312 3,184 3,496 ( 1,483 ) 2004 Four Seasons Fresno CA — 756 2,348 — 5,045 756 7,393 8,149 ( 3,354 ) 1997 Yosemite Lakes Groveland CA — 2,045 4,823 27 12,845 2,072 17,668 19,740 ( 6,782 ) 2004 Royal Holiday Hemet CA — 778 2,643 — 8,941 778 11,584 12,362 ( 5,027 ) 1999 Idyllwild Idyllwild-Pine Cove CA — 313 737 4 3,403 317 4,140 4,457 ( 1,745 ) 2004 Pio Pico Jamul CA — 2,626 6,194 35 11,848 2,661 18,042 20,703 ( 7,201 ) 2004 Tahoe Valley Lake Tahoe CA — — 5,428 — 2,672 — 8,100 8,100 ( 5,225 ) 2004 Sea Oaks Los Osos CA — 871 2,703 — 2,541 871 5,244 6,115 ( 3,333 ) 1997 Ponderosa Resort Lotus CA — 900 2,100 — 2,590 900 4,690 5,590 ( 2,384 ) 2006 Turtle Beach Manteca CA — 268 633 4 1,924 272 2,557 2,829 ( 999 ) 2004 Marina Dunes RV Resort Marina CA — 20,379 8,204 — 1,087 20,379 9,291 29,670 ( 1,747 ) 2020 S-2 Schedule III Equity LifeStyle Properties, Inc. Real Estate and Accumulated Depreciation Initial Cost to ELS Costs Capitalized Subsequent to Acquisition (Improvements) Gross Amount Carried at 12/31/25 Real Estate (1) Location Encumbrances Land Depreciable Property Land Depreciable Property Land Depreciable Property Total (3) Accumulated Depreciation Date of Acquisition Wilderness Lakes Menifee CA — 2,157 5,088 405 7,756 2,562 12,844 15,406 ( 5,497 ) 2004 Coralwood Modesto CA — — 5,047 — 2,205 — 7,252 7,252 ( 5,661 ) 1997 Morgan Hill Morgan Hill CA — 1,856 4,378 980 10,512 2,836 14,890 17,726 ( 5,412 ) 2004 Lake Minden Nicolaus CA — 961 2,267 13 3,042 974 5,309 6,283 ( 2,750 ) 2004 Pacific Dunes Ranch Oceana CA — 1,940 5,632 — 5,140 1,940 10,772 12,712 ( 5,098 ) 2004 Oceanside RV Oceanside CA — 27,781 16,596 — 3,108 27,781 19,704 47,485 ( 3,999 ) 2022 Lake of the Springs Oregon House CA — 1,062 2,504 14 5,219 1,076 7,723 8,799 ( 3,071 ) 2004 Concord Cascade Pacheco CA ( 23,860 ) 985 3,016 — 6,889 985 9,905 10,890 ( 5,409 ) 1983 San Francisco RV Pacifica CA — 1,660 4,973 — 4,444 1,660 9,417 11,077 ( 5,842 ) 2005 San Benito Paicines CA — 1,411 3,328 19 12,872 1,430 16,200 17,630 ( 4,467 ) 2004 Palm Springs Palm Desert CA — 1,811 4,271 24 5,375 1,835 9,646 11,481 ( 4,398 ) 2004 Las Palmas Estates Rialto CA — 1,295 3,866 — 1,531 1,295 5,397 6,692 ( 3,377 ) 2004 Parque La Quinta Rialto CA — 1,799 5,450 — 2,716 1,799 8,166 9,965 ( 4,550 ) 2004 Quail Meadows Riverbank CA — 1,155 3,469 — 1,446 1,155 4,915 6,070 ( 3,841 ) 1998 California Hawaiian San Jose CA ( 27,347 ) 5,825 17,755 — 9,746 5,825 27,501 33,326 ( 20,464 ) 1997 Sunshadow San Jose CA — 12,334 5,707 8 2,050 12,342 7,757 20,099 ( 6,111 ) 1997 Village of the Four Seasons San Jose CA ( 15,993 ) 5,229 15,714 — 3,168 5,229 18,882 24,111 ( 12,348 ) 2004 Laguna Lake San Luis Obispo CA ( 18,794 ) 2,845 6,520 — 4,780 2,845 11,300 14,145 ( 7,285 ) 1998 Contempo Marin San Rafael CA ( 32,926 ) 4,787 16,379 — 6,896 4,787 23,275 28,062 ( 19,777 ) 1994 Rancho Oso Santa Barbara CA — 860 2,029 12 11,732 872 13,761 14,633 ( 3,237 ) 2004 De Anza Santa Cruz Santa Cruz CA ( 46,204 ) 2,103 7,201 — 8,963 2,103 16,164 18,267 ( 10,204 ) 1994 Meadowbrook Santee CA ( 18,400 ) 4,345 12,528 — 7,562 4,345 20,090 24,435 ( 13,942 ) 1998 Santa Cruz Ranch Scotts Valley CA — 1,595 3,937 — 2,045 1,595 5,982 7,577 ( 2,854 ) 2007 Lamplighter Village Spring Valley CA ( 35,367 ) 633 2,201 — 5,068 633 7,269 7,902 ( 3,850 ) 1983 Santiago Estates Sylmar CA ( 18,464 ) 3,562 10,767 — 6,068 3,562 16,835 20,397 ( 11,923 ) 1998 Royal Oaks Visalia CA — 602 1,921 — 4,123 602 6,044 6,646 ( 2,862 ) 1997 Pilot Knob RV Resort Winterhaven CA — 581 1,151 — 983 581 2,134 2,715 ( 682 ) 2022 Hillcrest Village CO Aurora CO — 1,912 5,202 289 11,262 2,201 16,464 18,665 ( 9,345 ) 1983 Cimarron Village Broomfield CO ( 29,918 ) 863 2,790 — 2,651 863 5,441 6,304 ( 3,927 ) 1983 Holiday Village CO Colorado Springs CO ( 19,772 ) 567 1,759 — 4,519 567 6,278 6,845 ( 3,408 ) 1983 Bear Creek Village Denver CO ( 4,894 ) 1,100 3,359 — 1,728 1,100 5,087 6,187 ( 3,696 ) 1998 Holiday Hills Village Denver CO ( 63,048 ) 2,159 7,780 — 27,517 2,159 35,297 37,456 ( 14,148 ) 1983 Golden Terrace Golden CO — 826 2,415 — 14,436 826 16,851 17,677 ( 4,780 ) 1983 S-3 Schedule III Equity LifeStyle Properties, Inc. Real Estate and Accumulated Depreciation Initial Cost to ELS Costs Capitalized Subsequent to Acquisition (Improvements) Gross Amount Carried at 12/31/25 Real Estate (1) Location Encumbrances Land Depreciable Property Land Depreciable Property Land Depreciable Property Total (3) Accumulated Depreciation Date of Acquisition Golden Terrace South Golden CO — 750 2,265 — 1,163 750 3,428 4,178 ( 2,840 ) 1997 Golden Terrace West Golden CO — 1,694 5,065 — 7,901 1,694 12,966 14,660 ( 8,022 ) 1986 Blue Mesa Recreational Ranch Gunnison CO — 5,126 8,217 — 1,408 5,126 9,625 14,751 ( 3,672 ) 2022 Pueblo Grande Pueblo CO — 241 1,069 — 6,110 241 7,179 7,420 ( 2,657 ) 1983 Woodland Hills Thornton CO ( 36,143 ) 1,928 4,408 — 5,481 1,928 9,889 11,817 ( 7,588 ) 1994 Stonegate Manor North Windham CT — 6,011 12,336 — 864 6,011 13,200 19,211 ( 6,655 ) 2011 Waterford Estates Bear DE ( 34,747 ) 5,250 16,202 — 4,495 5,250 20,697 25,947 ( 11,550 ) 1996 McNicol Place Lewes DE — 562 1,710 — 377 562 2,087 2,649 ( 1,753 ) 1998 Whispering Pines Lewes DE — 1,536 4,609 — 2,898 1,536 7,507 9,043 ( 6,183 ) 1988 Mariner's Cove Millsboro DE ( 16,405 ) 990 2,971 — 16,144 990 19,115 20,105 ( 8,967 ) 1987 Sweetbriar Millsboro DE — 498 1,527 — 1,200 498 2,727 3,225 ( 2,005 ) 1998 Aspen Meadows Rehoboth DE ( 12,683 ) 1,148 3,460 — 1,251 1,148 4,711 5,859 ( 3,787 ) 1998 Camelot Meadows Rehoboth DE — 527 2,058 1,251 5,264 1,778 7,322 9,100 ( 5,980 ) 1998 Riverside RV Resort Arcadia FL — 8,400 11,905 11,085 5,707 19,485 17,612 37,097 ( 7,768 ) 2016 Toby’s RV Resort Arcadia FL — 1,093 3,280 — 1,524 1,093 4,804 5,897 ( 2,820 ) 2003 Aventura Marina Aventura FL — 813 811 — 7 813 818 1,631 ( 222 ) 2019 Hi-Lift Marina Aventura FL — 21,444 4,178 — 2,154 21,444 6,332 27,776 ( 1,650 ) 2021 Sunshine Key Big Pine Key FL — 5,273 15,822 — 21,705 5,273 37,527 42,800 ( 17,133 ) 2004 Windmill Manor Bradenton FL ( 8,238 ) 2,153 6,125 — 3,150 2,153 9,275 11,428 ( 7,330 ) 1998 Winter Quarters Manatee Bradenton FL — 2,300 6,903 — 2,716 2,300 9,619 11,919 ( 5,957 ) 2004 Clover Leaf Farms Brooksville FL ( 28,833 ) 13,684 24,106 — 19,209 13,684 43,315 56,999 ( 14,706 ) 2011 Clover Leaf Forest Brooksville FL — 1,092 2,178 — 1,273 1,092 3,451 4,543 ( 1,331 ) 2011 Resort at Tranquility Lake Cape Coral FL — 12,572 — 44 48,711 12,616 48,711 61,327 ( 4,020 ) 2020 Palm Harbour Marina Cape Haze FL — 13,228 6,310 — 213 13,228 6,523 19,751 ( 1,292 ) 2021 Glen Ellen Clearwater FL — 619 1,882 — 833 619 2,715 3,334 ( 1,727 ) 2002 Hillcrest FL Clearwater FL — 1,278 3,928 — 4,282 1,278 8,210 9,488 ( 5,078 ) 1998 Holiday Ranch Clearwater FL — 925 2,866 — 1,019 925 3,885 4,810 ( 3,120 ) 1998 Serendipity Clearwater FL ( 15,290 ) 18,944 11,782 — 2,904 18,944 14,686 33,630 ( 6,470 ) 2018 Shady Lane Oaks Clearwater FL — 4,984 8,482 — 1,285 4,984 9,767 14,751 ( 4,736 ) 2011 Shady Lane Village Clearwater FL — 3,102 5,480 — 829 3,102 6,309 9,411 ( 3,075 ) 2011 Silk Oak Lodge Clearwater FL — 1,649 5,028 — 1,853 1,649 6,881 8,530 ( 4,201 ) 2002 Clerbrook Golf & RV Resort Clermont FL — 3,883 11,700 — 9,246 3,883 20,946 24,829 ( 9,575 ) 2006 Lake Magic Clermont FL — 1,595 4,793 — 2,863 1,595 7,656 9,251 ( 4,424 ) 2004 S-4 Schedule III Equity LifeStyle Properties, Inc. Real Estate and Accumulated Depreciation Initial Cost to ELS Costs Capitalized Subsequent to Acquisition (Improvements) Gross Amount Carried at 12/31/25 Real Estate (1) Location Encumbrances Land Depreciable Property Land Depreciable Property Land Depreciable Property Total (3) Accumulated Depreciation Date of Acquisition Orange Lake Clermont FL — 4,303 6,815 — 2,248 4,303 9,063 13,366 ( 4,066 ) 2011 Orlando Clermont FL — 2,975 7,017 40 27,012 3,015 34,029 37,044 ( 11,156 ) 2004 Cortez Village Marina Cortez FL — 17,936 3,956 — 1,387 17,936 5,343 23,279 ( 1,120 ) 2021 Crystal Isles Crystal River FL — 926 2,787 10 7,387 936 10,174 11,110 ( 3,857 ) 2004 Cheron Village Davie FL — 10,393 6,217 — 570 10,393 6,787 17,180 ( 3,629 ) 2011 Carriage Cove Daytona Beach FL ( 12,953 ) 2,914 8,682 — 5,140 2,914 13,822 16,736 ( 9,720 ) 1998 Daytona Beach Marina Daytona Beach FL — 1,962 9,034 — 901 1,962 9,935 11,897 ( 2,504 ) 2019 Lake Haven Dunedin FL ( 11,044 ) 1,135 4,047 — 5,004 1,135 9,051 10,186 ( 6,980 ) 1983 Marker 1 Marina Dunedin FL — 21,685 15,758 — 5,587 21,685 21,345 43,030 ( 4,744 ) 2020 Coquina Crossing Elkton FL ( 22,850 ) 5,274 5,545 — 35,876 5,274 41,421 46,695 ( 18,940 ) 1999 Colony Cove Ellenton FL ( 78,660 ) 28,660 92,457 38,094 47,151 66,754 139,608 206,362 ( 56,703 ) 2011 Ridgewood Estates Ellenton FL ( 24,877 ) 8,769 8,791 — 1,777 8,769 10,568 19,337 ( 4,955 ) 2011 Haselton Village Eustis FL — 3,800 8,955 — 1,690 3,800 10,645 14,445 ( 4,940 ) 2011 Southern Palms RV Eustis FL — 2,169 5,884 — 8,330 2,169 14,214 16,383 ( 8,754 ) 1998 Bulow Plantation Flagler Beach FL — 3,637 949 — 8,002 3,637 8,951 12,588 ( 6,616 ) 1994 Bulow RV Flagler Beach FL — — 228 — 3,447 — 3,675 3,675 ( 1,524 ) 1994 Carefree Cove Fort Lauderdale FL — 1,741 5,170 — 1,805 1,741 6,975 8,716 ( 4,312 ) 2004 Everglades Lakes Fort Lauderdale FL — 53,850 18,797 — 4,401 53,850 23,198 77,048 ( 6,863 ) 2018 Park City West Fort Lauderdale FL ( 25,494 ) 4,184 12,561 — 2,594 4,184 15,155 19,339 ( 10,039 ) 2004 Sunshine Holiday MH Fort Lauderdale FL ( 16,401 ) 3,099 9,286 — 3,405 3,099 12,691 15,790 ( 7,688 ) 2004 Crystal Lakes-Fort Myers Fort Myers FL — 1,047 — 1,754 1,521 2,801 1,521 4,322 ( 226 ) 2018 Fish Tale Marina Fort Myers FL — 24,027 5,555 — 3,300 24,027 8,855 32,882 ( 1,154 ) 2021 Fort Myers Beach Fort Myers FL — 1,188 3,548 849 12,326 2,037 15,874 17,911 ( 4,014 ) 2004 Gulf Air Fort Myers Beach FL — 1,609 4,746 — 9,733 1,609 14,479 16,088 ( 4,616 ) 2004 Lakeside Terrace Fruitland Park FL — 3,275 7,165 — 1,244 3,275 8,409 11,684 ( 3,999 ) 2011 Grand Island Resort Grand Island FL — 1,723 5,208 125 8,307 1,848 13,515 15,363 ( 8,106 ) 2001 Holiday Travel Park Holiday FL — 9,240 13,284 — 2,794 9,240 16,078 25,318 ( 7,523 ) 2018 Hollywood Marina Hollywood FL — 14,638 4,065 — 1,536 14,638 5,601 20,239 ( 1,456 ) 2019 South Miami Marina Homestead FL — — 13,144 — 510 — 13,654 13,654 ( 3,482 ) 2019 Barrington Hills Hudson FL ( 5,923 ) 1,145 3,437 — 4,400 1,145 7,837 8,982 ( 3,381 ) 2004 Jupiter Marina Jupiter FL — 5,090 4,842 — 1,807 5,090 6,649 11,739 ( 2,215 ) 2019 Sherwood Forest - MHP Kissimmee FL — 4,852 14,596 — 21,845 4,852 36,441 41,293 ( 19,343 ) 1998 Sherwood Forest RV Kissimmee FL — 2,870 3,621 568 5,862 3,438 9,483 12,921 ( 6,204 ) 1998 S-5 Schedule III Equity LifeStyle Properties, Inc. Real Estate and Accumulated Depreciation Initial Cost to ELS Costs Capitalized Subsequent to Acquisition (Improvements) Gross Amount Carried at 12/31/25 Real Estate (1) Location Encumbrances Land Depreciable Property Land Depreciable Property Land Depreciable Property Total (3) Accumulated Depreciation Date of Acquisition Tropical Palms Kissimmee FL — 5,677 17,116 — 20,735 5,677 37,851 43,528 ( 20,805 ) 2004 Lake Worth Village Lake Worth FL — 14,959 24,501 — 6,696 14,959 31,197 46,156 ( 14,381 ) 2011 Beacon Hill Colony Lakeland FL — 3,775 6,405 — 1,728 3,775 8,133 11,908 ( 3,479 ) 2011 Beacon Terrace Lakeland FL ( 7,654 ) 5,372 9,153 108 2,375 5,480 11,528 17,008 ( 5,075 ) 2011 Kings & Queens Lakeland FL — 1,696 3,064 — 641 1,696 3,705 5,401 ( 1,749 ) 2011 Lakeland Harbor Lakeland FL ( 35,448 ) 10,446 17,376 — 2,195 10,446 19,571 30,017 ( 9,297 ) 2011 Lakeland Junction Lakeland FL ( 2,715 ) 3,018 4,752 — 551 3,018 5,303 8,321 ( 2,628 ) 2011 Lantana Marina Lantana FL — 8,276 5,108 — ( 7 ) 8,276 5,101 13,377 ( 1,795 ) 2019 Maralago Cay Lantana FL ( 34,906 ) 5,325 15,420 — 9,915 5,325 25,335 30,660 ( 19,153 ) 1997 South Lantana Marina Lantana FL — 2,345 1,894 — 684 2,345 2,578 4,923 ( 955 ) 2019 Down Yonder Largo FL — 2,652 7,981 — 2,880 2,652 10,861 13,513 ( 7,057 ) 1998 East Bay Oaks Largo FL ( 7,358 ) 1,240 3,322 — 2,632 1,240 5,954 7,194 ( 4,549 ) 1983 Eldorado Village Largo FL ( 4,918 ) 778 2,341 — 2,513 778 4,854 5,632 ( 3,467 ) 1983 Paradise Park - Largo Largo FL ( 4,868 ) 3,523 4,026 — 892 3,523 4,918 8,441 ( 2,341 ) 2017 Shangri-La Mobile Home Park Largo FL — 1,722 5,200 — 708 1,722 5,908 7,630 ( 4,035 ) 2004 Vacation Village Largo FL ( 5,488 ) 1,315 3,946 — 1,261 1,315 5,207 6,522 ( 3,382 ) 2004 Whispering Pines - Largo Largo FL — 8,218 14,054 — 2,585 8,218 16,639 24,857 ( 7,803 ) 2011 Coachwood Colony Leesburg FL — 1,602 4,822 — 2,048 1,602 6,870 8,472 ( 4,127 ) 2004 Mid-Florida Lakes Leesburg FL ( 53,592 ) 5,997 20,635 — 19,530 5,997 40,165 46,162 ( 29,931 ) 1994 Fiesta Key Long Key FL — 16,611 7,338 — 20,277 16,611 27,615 44,226 ( 7,780 ) 2013 Winter Quarters Pasco Lutz FL ( 7,927 ) 1,494 4,484 — 3,408 1,494 7,892 9,386 ( 4,127 ) 2004 Coral Cay Plantation Margate FL ( 87,583 ) 5,890 20,211 — 13,272 5,890 33,483 39,373 ( 27,106 ) 1994 Lakewood Village Melbourne FL — 1,862 5,627 — 4,105 1,862 9,732 11,594 ( 7,432 ) 1994 Miami Everglades Miami FL — 5,362 6,238 — 5,988 5,362 12,226 17,588 ( 4,397 ) 2015 Southernaire Mt. Dora FL — 796 2,395 — 744 796 3,139 3,935 ( 1,969 ) 2004 Country Place (2) New Port Richey FL ( 14,764 ) 663 — 18 9,199 681 9,199 9,880 ( 7,484 ) 1986 Hacienda Village New Port Richey FL ( 12,807 ) 4,297 13,088 — 5,680 4,297 18,768 23,065 ( 12,251 ) 2002 Harbor View Mobile Manor New Port Richey FL ( 14,111 ) 4,030 12,146 — 8,276 4,030 20,422 24,452 ( 10,477 ) 2002 Bay Lake Estates Nokomis FL ( 8,887 ) 990 3,390 — 4,294 990 7,684 8,674 ( 5,079 ) 1994 Lake Village Nokomis FL ( 12,105 ) 15,850 18,099 10,408 5,621 26,258 23,720 49,978 ( 9,977 ) 2011 Royal Coachman Nokomis FL — 5,321 15,978 — 2,993 5,321 18,971 24,292 ( 12,984 ) 2004 Buccaneer Estates North Fort Myers FL — 4,207 14,410 — 34,832 4,207 49,242 53,449 ( 19,677 ) 1994 Island Vista Estates North Fort Myers FL — 5,004 15,066 — 9,333 5,004 24,399 29,403 ( 11,532 ) 2006 S-6 Schedule III Equity LifeStyle Properties, Inc. Real Estate and Accumulated Depreciation Initial Cost to ELS Costs Capitalized Subsequent to Acquisition (Improvements) Gross Amount Carried at 12/31/25 Real Estate (1) Location Encumbrances Land Depreciable Property Land Depreciable Property Land Depreciable Property Total (3) Accumulated Depreciation Date of Acquisition Lake Fairways North Fort Myers FL ( 29,590 ) 6,075 18,134 35 6,772 6,110 24,906 31,016 ( 21,092 ) 1994 Pine Lakes North Fort Myers FL ( 58,089 ) 6,306 14,579 24,941 12,943 31,247 27,522 58,769 ( 22,217 ) 1994 Pioneer Village North Fort Myers FL ( 15,900 ) 4,116 12,353 — 7,897 4,116 20,250 24,366 ( 11,042 ) 2004 Sunseekers RV Resort North Fort Myers FL — 4,224 2,299 — 2,800 4,224 5,099 9,323 ( 2,346 ) 2018 The Heritage North Fort Myers FL — 1,438 4,371 346 8,105 1,784 12,476 14,260 ( 8,559 ) 1993 Windmill Village - N. Ft. Myers North Fort Myers FL — 1,417 5,440 — 6,762 1,417 12,202 13,619 ( 8,114 ) 1983 Foxwood Farms Ocala FL — 3,853 7,967 — 3,669 3,853 11,636 15,489 ( 5,041 ) 2011 Oak Bend Ocala FL — 850 2,572 — 14,837 850 17,409 18,259 ( 5,181 ) 1993 Villas at Spanish Oaks Ocala FL — 2,250 6,922 — 5,467 2,250 12,389 14,639 ( 8,851 ) 1993 Silver Dollar Golf & Trap Club Resort Odessa FL — 4,107 12,431 7,158 7,634 11,265 20,065 31,330 ( 11,488 ) 2004 Okeechobee RV Resort Okeechobee FL — 14,897 27,337 — 4,165 14,897 31,502 46,399 ( 10,753 ) 2021 Audubon Village - Florida Orlando FL — 4,622 7,200 — 1,485 4,622 8,685 13,307 ( 4,073 ) 2011 Hidden Valley Orlando FL ( 24,878 ) 11,398 12,861 — 2,304 11,398 15,165 26,563 ( 7,147 ) 2011 Starlight Ranch Orlando FL ( 25,700 ) 13,543 20,388 — 9,553 13,543 29,941 43,484 ( 12,339 ) 2011 Holiday Village, Ormond Beach Ormond Beach FL — 2,610 7,837 — 3,825 2,610 11,662 14,272 ( 6,917 ) 2002 Sunshine Holiday-Daytona North Ormond Beach FL — 2,001 6,004 — 3,256 2,001 9,260 11,261 ( 5,329 ) 2004 Palm Beach Gardens Marina Palm Beach FL — 15,734 4,938 — 366 15,734 5,304 21,038 ( 1,638 ) 2019 The Meadows, FL Palm Beach Gardens FL ( 41,025 ) 3,229 9,870 — 8,720 3,229 18,590 21,819 ( 12,725 ) 1999 Terra Ceia Palmetto FL — 965 2,905 1,833 16,971 2,798 19,876 22,674 ( 4,078 ) 2004 Lakes at Countrywood Plant City FL — 2,377 7,085 — 6,731 2,377 13,816 16,193 ( 7,937 ) 2001 Meadows at Countrywood Plant City FL — 4,514 13,175 75 17,374 4,589 30,549 35,138 ( 19,948 ) 1998 Oaks at Countrywood Plant City FL — 846 2,513 ( 75 ) 2,595 771 5,108 5,879 ( 3,436 ) 1998 Breezy Hill Pompano Beach FL ( 25,844 ) 5,424 16,555 — 4,466 5,424 21,021 26,445 ( 14,715 ) 2002 Hidden Harbour Marina Pompano Beach FL — 26,116 12,513 — 1,382 26,116 13,895 40,011 ( 2,759 ) 2021 Highland Wood Travel Park Pompano Beach FL — 1,043 3,130 42 1,085 1,085 4,215 5,300 ( 2,817 ) 2002 Inlet Harbor Marina Ponce Inlet FL — 11,858 5,485 — 2,374 11,858 7,859 19,717 ( 1,518 ) 2021 Harbor Lakes Port Charlotte FL — 3,384 10,154 — 4,084 3,384 14,238 17,622 ( 8,428 ) 2004 Lighthouse Pointe at Daytona Beach Port Orange FL — 2,446 7,483 23 5,663 2,469 13,146 15,615 ( 8,800 ) 1998 Pickwick Village Port Orange FL ( 13,610 ) 2,803 8,870 — 8,266 2,803 17,136 19,939 ( 10,259 ) 1998 Rose Bay Port Orange FL — 3,866 3,528 — 1,255 3,866 4,783 8,649 ( 3,218 ) 2016 Emerald Lake Punta Gorda FL ( 3,406 ) 3,598 5,197 — 2,422 3,598 7,619 11,217 ( 3,076 ) 2011 Gulf View Punta Gorda FL — 717 2,158 — 2,630 717 4,788 5,505 ( 2,701 ) 2004 Tropical Palms MH Punta Gorda FL — 2,365 7,286 — 5,304 2,365 12,590 14,955 ( 6,181 ) 2006 S-7 Schedule III Equity LifeStyle Properties, Inc. Real Estate and Accumulated Depreciation Initial Cost to ELS Costs Capitalized Subsequent to Acquisition (Improvements) Gross Amount Carried at 12/31/25 Real Estate (1) Location Encumbrances Land Depreciable Property Land Depreciable Property Land Depreciable Property Total (3) Accumulated Depreciation Date of Acquisition Kingswood Riverview FL — 9,094 8,365 — 2,467 9,094 10,832 19,926 ( 3,820 ) 2018 Palm Lake Riviera Beach FL ( 17,048 ) 56,323 27,418 — 15,421 56,323 42,839 99,162 ( 11,161 ) 2018 Riviera Beach Marina Riviera Beach FL — 15,725 12,966 — 4,014 15,725 16,980 32,705 ( 5,355 ) 2019 Indian Oaks Rockledge FL — 1,089 3,376 — 2,183 1,089 5,559 6,648 ( 4,136 ) 1998 Space Coast Rockledge FL — 2,413 3,716 — 3,062 2,413 6,778 9,191 ( 2,127 ) 2014 Covington Estates Saint Cloud FL — 3,319 7,253 — 993 3,319 8,246 11,565 ( 3,956 ) 2011 Winds of St. Armands North Sarasota FL ( 20,389 ) 1,523 5,063 20 6,063 1,543 11,126 12,669 ( 7,999 ) 1983 Winds of St. Armands South Sarasota FL ( 13,298 ) 1,106 3,162 4,018 15,055 5,124 18,217 23,341 ( 5,611 ) 1983 Topics RV Resort Spring Hill FL ( 3,444 ) 844 2,568 — 1,705 844 4,273 5,117 ( 2,480 ) 2004 Pine Island St. James City FL — 1,678 5,044 — 11,893 1,678 16,937 18,615 ( 4,622 ) 2007 St. Pete Marina St. Petersburg FL — 12,591 19,066 — 1,334 12,591 20,400 32,991 ( 6,086 ) 2019 Riverwatch Marina Stuart FL — 19,994 8,910 — 671 19,994 9,581 29,575 ( 1,877 ) 2021 Carefree Village Tampa FL ( 26,921 ) 6,799 10,421 — 2,281 6,799 12,702 19,501 ( 5,990 ) 2011 Tarpon Glen Tarpon Springs FL — 2,678 4,016 — 1,824 2,678 5,840 8,518 ( 2,459 ) 2011 Featherock Valrico FL — 11,369 22,770 — 3,200 11,369 25,970 37,339 ( 12,188 ) 2011 Bay Indies Venice FL ( 184,793 ) 10,483 31,559 10 20,775 10,493 52,334 62,827 ( 37,711 ) 1994 Ramblers Rest RV Resort Venice FL ( 30,171 ) 4,646 14,201 — 19,615 4,646 33,816 38,462 ( 14,021 ) 2006 Countryside at Vero Beach Vero Beach FL ( 57,484 ) 3,711 11,133 — 10,514 3,711 21,647 25,358 ( 16,361 ) 1998 Heritage Plantation Vero Beach FL — 2,403 7,259 — 5,948 2,403 13,207 15,610 ( 9,600 ) 1994 Heron Cay Vero Beach FL ( 22,859 ) 14,368 23,792 — 3,690 14,368 27,482 41,850 ( 13,090 ) 2011 Holiday Village, Florida Vero Beach FL — 350 1,374 — 264 350 1,638 1,988 ( 1,459 ) 1998 Sunshine Travel-Vero Beach Vero Beach FL — 1,603 4,813 — 6,646 1,603 11,459 13,062 ( 4,589 ) 2004 Vero Beach Marina Vero Beach FL — 3,644 5,519 — 2,319 3,644 7,838 11,482 ( 1,953 ) 2019 Vero Palm Estates Vero Beach FL ( 9,181 ) 6,697 9,025 — 2,288 6,697 11,313 18,010 ( 5,227 ) 2011 Village Green Vero Beach FL ( 56,147 ) 15,901 25,175 518 5,910 16,419 31,085 47,504 ( 14,367 ) 2011 Peace River Wauchula FL — 900 2,100 25 5,538 925 7,638 8,563 ( 2,618 ) 2006 Palm Beach Colony West Palm Beach FL ( 8,596 ) 5,930 10,113 8 1,523 5,938 11,636 17,574 ( 5,683 ) 2011 Parkwood Communities Wildwood FL — 6,990 15,115 — 2,636 6,990 17,751 24,741 ( 8,549 ) 2011 Three Flags Wildwood FL — 228 684 — 1,111 228 1,795 2,023 ( 918 ) 2006 Winter Garden Winter Garden FL — 2,321 6,962 — 2,889 2,321 9,851 12,172 ( 5,007 ) 2007 Crystal Lake Zephyrhills Zephyrhills FL — 3,767 6,834 194 16,446 3,961 23,280 27,241 ( 6,609 ) 2011 Forest Lake Estates MH Zephyrhills FL ( 15,251 ) 40,716 33,918 1,194 18,283 41,910 52,201 94,111 ( 20,414 ) 2016 Forest Lake Village RV Zephyrhills FL — — 537 — 1,112 — 1,649 1,649 ( 450 ) 2016 S-8 Schedule III Equity LifeStyle Properties, Inc. Real Estate and Accumulated Depreciation Initial Cost to ELS Costs Capitalized Subsequent to Acquisition (Improvements) Gross Amount Carried at 12/31/25 Real Estate (1) Location Encumbrances Land Depreciable Property Land Depreciable Property Land Depreciable Property Total (3) Accumulated Depreciation Date of Acquisition Sixth Avenue Zephyrhills FL — 837 2,518 — 1,055 837 3,573 4,410 ( 2,011 ) 2004 Coach Royale Boise ID — 465 1,685 — 539 465 2,224 2,689 ( 995 ) 2011 Maple Grove Boise ID — 1,358 5,151 — 1,762 1,358 6,913 8,271 ( 3,037 ) 2011 Shenandoah Estates Boise ID ( 8,254 ) 1,287 7,603 — 806 1,287 8,409 9,696 ( 3,996 ) 2011 West Meadow Estates Boise ID — 1,371 6,770 — 854 1,371 7,624 8,995 ( 3,597 ) 2011 O'Connell's RV Campground Amboy IL ( 1,915 ) 1,648 4,974 — 9,566 1,648 14,540 16,188 ( 5,889 ) 2004 Pheasant Lake Estates Beecher IL ( 35,046 ) 12,764 42,183 872 6,670 13,636 48,853 62,489 ( 19,338 ) 2013 Pine Country Belvidere IL — 53 166 — 3,273 53 3,439 3,492 ( 1,049 ) 2006 Willow Lake Estates Elgin IL ( 34,881 ) 6,138 21,033 — 26,648 6,138 47,681 53,819 ( 28,857 ) 1994 Golf Vista Estates Monee IL ( 29,919 ) 2,842 4,719 1 15,388 2,843 20,107 22,950 ( 11,432 ) 1997 Indian Lakes Batesville IN — 450 1,061 6 19,037 456 20,098 20,554 ( 5,118 ) 2004 Horseshoe Lakes Clinton IN — 155 365 2 2,317 157 2,682 2,839 ( 889 ) 2004 Twin Mills RV Howe IN — 1,399 4,186 — 1,555 1,399 5,741 7,140 ( 3,238 ) 2006 Lakeside RV New Carlisle IN — 426 1,281 — 910 426 2,191 2,617 ( 1,111 ) 2004 Dale Hollow State Park Marina Burkesville KY — — 7,399 — 1,087 — 8,486 8,486 ( 1,957 ) 2021 Diamond Caverns Park City KY — 530 1,512 ( 3 ) 1,193 527 2,705 3,232 ( 1,490 ) 2006 Gateway to Cape Cod Rochester MA — 91 288 — 1,707 91 1,995 2,086 ( 600 ) 2006 Hillcrest MA Rockland MA — 2,034 3,182 — 875 2,034 4,057 6,091 ( 1,794 ) 2011 The Glen Rockland MA — 940 1,680 — 111 940 1,791 2,731 ( 890 ) 2011 Old Chatham South Dennis MA ( 5,330 ) 1,760 5,293 — 5,823 1,760 11,116 12,876 ( 4,493 ) 2005 Sturbridge Sturbridge MA — 110 347 — 1,489 110 1,836 1,946 ( 712 ) 2006 Fernwood Capitol Heights MD ( 9,198 ) 6,556 11,674 — 2,366 6,556 14,040 20,596 ( 6,510 ) 2011 Williams Estates/Peppermint Woods Middle River MD — 22,774 42,575 — 2,448 22,774 45,023 67,797 ( 22,498 ) 2011 Mt. Desert Narrows Bar Harbor ME — 1,037 3,127 — 1,319 1,037 4,446 5,483 ( 2,299 ) 2007 Patten Pond Ellsworth ME — 267 802 — 569 267 1,371 1,638 ( 725 ) 2007 Pinehirst Old Orchard Beach ME ( 10,827 ) 1,942 5,827 — 3,182 1,942 9,009 10,951 ( 5,176 ) 2005 Narrows Too Trenton ME — 1,451 4,408 — 1,708 1,451 6,116 7,567 ( 2,997 ) 2007 Moody Beach Wells ME — 93 292 — 6,298 93 6,590 6,683 ( 1,626 ) 2006 Bear Cave Buchanan MI — 176 516 — 1,079 176 1,595 1,771 ( 724 ) 2006 St Clair St. Clair MI — 453 1,068 6 1,697 459 2,765 3,224 ( 1,353 ) 2004 Cedar Knolls Apple Valley MN ( 29,724 ) 10,021 14,357 — 3,035 10,021 17,392 27,413 ( 8,282 ) 2011 Cimarron Park Lake Elmo MN — 11,097 23,132 — 9,471 11,097 32,603 43,700 ( 13,513 ) 2011 Rockford Riverview Estates Rockford MN — 2,959 8,882 — 1,951 2,959 10,833 13,792 ( 5,061 ) 2011 S-9 Schedule III Equity LifeStyle Properties, Inc. Real Estate and Accumulated Depreciation Initial Cost to ELS Costs Capitalized Subsequent to Acquisition (Improvements) Gross Amount Carried at 12/31/25 Real Estate (1) Location Encumbrances Land Depreciable Property Land Depreciable Property Land Depreciable Property Total (3) Accumulated Depreciation Date of Acquisition Rosemount Woods Rosemount MN — 4,314 8,932 — 5,728 4,314 14,660 18,974 ( 5,461 ) 2011 Boathouse Marina Beaufort NC — 6,610 13,217 — 3,005 6,610 16,222 22,832 ( 3,019 ) 2021 Forest Lake Advance NC — 986 2,325 13 12,260 999 14,585 15,584 ( 3,797 ) 2004 Scenic Asheville NC — 1,183 3,511 — 3,356 1,183 6,867 8,050 ( 2,852 ) 2006 Waterway RV Cedar Point NC ( 3,956 ) 2,392 7,185 — 1,534 2,392 8,719 11,111 ( 5,773 ) 2004 Twin Lakes Chocowinity NC — 1,709 3,361 — 3,741 1,709 7,102 8,811 ( 3,555 ) 2004 Emerald Isle RV Resort Emerald Isle NC — 17,212 33,520 — 589 17,212 34,109 51,321 ( 7,451 ) 2022 Topsail Sound RV Holly Ridge NC — 3,414 5,898 — 8,572 3,414 14,470 17,884 ( 2,270 ) 2020 Green Mountain Lenoir NC — 1,037 3,075 — 3,184 1,037 6,259 7,296 ( 3,054 ) 2006 Lake Gaston Littleton NC — 130 409 — 3,138 130 3,547 3,677 ( 1,117 ) 2006 Lake Myers RV Mocksville NC — 1,504 4,587 — 2,916 1,504 7,503 9,007 ( 3,695 ) 2006 Bogue Pines Newport NC — 1,476 2,592 — 283 1,476 2,875 4,351 ( 1,160 ) 2015 Goose Creek Newport NC ( 11,012 ) 4,612 13,848 750 4,060 5,362 17,908 23,270 ( 11,824 ) 2004 Whispering Pines - NC Newport NC — 3,096 5,081 1 730 3,097 5,811 8,908 ( 2,270 ) 2015 Harbor Point RV Sneads Ferry NC — 4,633 7,777 — 451 4,633 8,228 12,861 ( 2,245 ) 2020 White Oak Shores Stella NC — 5,089 15,416 2,269 25,671 7,358 41,087 48,445 ( 8,025 ) 2019 Buena Vista Fargo ND — 4,563 14,949 — 2,488 4,563 17,437 22,000 ( 8,240 ) 2011 Meadow Park Fargo ND — 943 2,907 — 494 943 3,401 4,344 ( 1,660 ) 2011 Sandy Beach Contoocook NH — 1,755 5,265 — 506 1,755 5,771 7,526 ( 3,815 ) 2005 Pine Acres Raymond NH — 3,096 2,102 — 1,429 3,096 3,531 6,627 ( 1,439 ) 2014 Tuxbury Resort South Hampton NH — 3,557 3,910 — 2,336 3,557 6,246 9,803 ( 3,118 ) 2007 King Nummy Cape May Court House NJ — 4,027 3,584 — 980 4,027 4,564 8,591 ( 2,976 ) 2018 Acorn Campground Green Creek NJ — 3,707 4,642 — 1,695 3,707 6,337 10,044 ( 4,049 ) 2020 Whippoorwill RV Marmon NJ — 4,201 17,589 — 670 4,201 18,259 22,460 ( 4,644 ) 2022 Mays Landing Resort Mays Landing NJ — 536 289 — 3,309 536 3,598 4,134 ( 763 ) 2014 Echo Farms Ocean View NJ — 2,840 3,045 — 2,440 2,840 5,485 8,325 ( 2,046 ) 2014 Lake and Shore Ocean View NJ — 378 1,192 — 3,776 378 4,968 5,346 ( 2,322 ) 2006 Pine Haven Ocean View NJ — 15,586 47,165 — ( 2,722 ) 15,586 44,443 60,029 ( 12,676 ) 2021 Red Oak Shores Campground Ocean View NJ — 2,193 6,759 — 1,306 2,193 8,065 10,258 ( 1,943 ) 2023 Chestnut Lake Port Republic NJ — 337 796 5 2,694 342 3,490 3,832 ( 1,374 ) 2004 Sea Pines Swainton NJ — 198 625 — 4,976 198 5,601 5,799 ( 2,067 ) 2006 Pine Ridge at Crestwood Whiting NJ ( 57,045 ) 17,367 33,127 — 12,521 17,367 45,648 63,015 ( 19,061 ) 2011 Mountain View - NV Henderson NV ( 32,554 ) 16,665 25,915 — 1,986 16,665 27,901 44,566 ( 13,641 ) 2011 S-10 Schedule III Equity LifeStyle Properties, Inc. Real Estate and Accumulated Depreciation Initial Cost to ELS Costs Capitalized Subsequent to Acquisition (Improvements) Gross Amount Carried at 12/31/25 Real Estate (1) Location Encumbrances Land Depreciable Property Land Depreciable Property Land Depreciable Property Total (3) Accumulated Depreciation Date of Acquisition Bonanza Village Las Vegas NV — 908 2,643 ( 1 ) 3,663 907 6,306 7,213 ( 4,375 ) 1983 Boulder Cascade Las Vegas NV — 2,995 9,020 — 6,321 2,995 15,341 18,336 ( 10,850 ) 1998 Cabana Las Vegas NV — 2,648 7,989 — 2,307 2,648 10,296 12,944 ( 8,925 ) 1994 Flamingo West Las Vegas NV — 1,730 5,266 — 2,611 1,730 7,877 9,607 ( 6,883 ) 1994 Las Vegas Las Vegas NV — 1,049 2,473 14 3,502 1,063 5,975 7,038 ( 2,671 ) 2004 Villa Borega Las Vegas NV — 2,896 8,774 — 2,798 2,896 11,572 14,468 ( 9,497 ) 1997 Rondout Valley Accord NY — 1,115 3,240 — 5,695 1,115 8,935 10,050 ( 3,251 ) 2006 Alpine Lake RV Resort Corinth NY — 4,783 14,125 153 5,786 4,936 19,911 24,847 ( 11,325 ) 2005 Lake George Escape Lake George NY — 3,562 10,708 — 13,977 3,562 24,685 28,247 ( 11,353 ) 2005 The Woodlands Lockport NY ( 38,356 ) 12,183 39,687 6 12,073 12,189 51,760 63,949 ( 22,278 ) 2011 Greenwood Village Manorville NY — 3,667 9,414 484 8,891 4,151 18,305 22,456 ( 13,380 ) 1998 Brennan Beach Pulaski NY — 7,325 21,141 — 11,537 7,325 32,678 40,003 ( 18,362 ) 2005 Lake George Schroon Valley Warrensburg NY — 540 1,626 — 678 540 2,304 2,844 ( 1,259 ) 2008 Kenisee Lake Jefferson OH — 295 696 4 736 299 1,432 1,731 ( 844 ) 2004 Bay Point Marina Marblehead OH — 8,575 17,037 — 2,736 8,575 19,773 28,348 ( 4,216 ) 2021 Wilmington Wilmington OH — 235 555 3 1,628 238 2,183 2,421 ( 911 ) 2004 Bend Bend OR — 733 1,729 10 7,002 743 8,731 9,474 ( 2,745 ) 2004 Shadowbrook Clackamas OR — 1,197 3,693 — 2,851 1,197 6,544 7,741 ( 4,178 ) 1997 Pacific City Cloverdale OR — 1,076 2,539 15 10,123 1,091 12,662 13,753 ( 3,873 ) 2004 Falcon Wood Village Eugene OR ( 14,149 ) 1,112 3,426 — 2,524 1,112 5,950 7,062 ( 3,926 ) 1997 Portland Fairview Fairview OR ( 19,111 ) 7,330 10,278 — 1,718 7,330 11,996 19,326 ( 5,945 ) 2016 Quail Hollow Fairview OR — — 3,249 — 1,310 — 4,559 4,559 ( 3,730 ) 1997 South Jetty Florence OR — 678 1,598 9 3,698 687 5,296 5,983 ( 2,154 ) 2004 Seaside Seaside OR — 891 2,101 12 2,877 903 4,978 5,881 ( 2,450 ) 2004 Whalers Rest South Beach OR — 754 1,777 10 2,868 764 4,645 5,409 ( 2,088 ) 2004 Hope Valley Turner OR — 7,373 14,517 — 1,418 7,373 15,935 23,308 ( 3,644 ) 2021 Mt. Hood Village Welches OR — 1,817 5,733 — 16,088 1,817 21,821 23,638 ( 8,200 ) 2002 Greenbriar Village Bath PA — 8,359 16,941 — 1,994 8,359 18,935 27,294 ( 8,930 ) 2011 Sun Valley Bowmansville PA — 866 2,601 — 2,505 866 5,106 5,972 ( 2,113 ) 2009 Green Acres Breinigsville PA ( 32,161 ) 2,680 7,479 — 8,432 2,680 15,911 18,591 ( 11,689 ) 1988 Gettysburg Farm Dover PA — 111 350 — 1,849 111 2,199 2,310 ( 792 ) 2006 Timothy Lake North East Stroudsburg PA — 296 933 — 1,369 296 2,302 2,598 ( 1,030 ) 2006 Timothy Lake South East Stroudsburg PA — 206 649 — 579 206 1,228 1,434 ( 642 ) 2006 S-11 Schedule III Equity LifeStyle Properties, Inc. Real Estate and Accumulated Depreciation Initial Cost to ELS Costs Capitalized Subsequent to Acquisition (Improvements) Gross Amount Carried at 12/31/25 Real Estate (1) Location Encumbrances Land Depreciable Property Land Depreciable Property Land Depreciable Property Total (3) Accumulated Depreciation Date of Acquisition Drummer Boy Gettysburg PA — 1,884 20,342 — 1,673 1,884 22,015 23,899 ( 8,192 ) 2019 Round Top Gettysburg PA — 1,214 11,355 — 1,445 1,214 12,800 14,014 ( 6,928 ) 2019 Circle M Lancaster PA — 330 1,041 — 4,710 330 5,751 6,081 ( 1,956 ) 2006 Hershey Lebanon PA — 1,284 3,028 17 3,221 1,301 6,249 7,550 ( 3,516 ) 2004 Robin Hill Lenhartsville PA — 1,263 3,786 — 1,144 1,263 4,930 6,193 ( 2,550 ) 2009 PA Dutch County Manheim PA — 88 278 — 1,461 88 1,739 1,827 ( 516 ) 2006 Spring Gulch New Holland PA — 1,593 4,795 — 1,960 1,593 6,755 8,348 ( 4,304 ) 2004 Lil Wolf Orefield PA — 5,627 13,593 — 5,078 5,627 18,671 24,298 ( 8,072 ) 2011 Scotrun Scotrun PA — 153 483 — 2,013 153 2,496 2,649 ( 763 ) 2006 Appalachian RV Shartlesville PA — 1,666 5,044 — 1,361 1,666 6,405 8,071 ( 3,860 ) 2006 Mountain View - PA Walnutport PA — 3,207 7,182 — 1,855 3,207 9,037 12,244 ( 4,004 ) 2011 Timber Creek Westerly RI — 12,618 8,489 — 2,411 12,618 10,900 23,518 ( 6,938 ) 2018 Carolina Landing Fair Play SC — 457 1,078 6 4,471 463 5,549 6,012 ( 1,469 ) 2004 Inlet Oaks Village Murrells Inlet SC — 1,546 4,642 — 718 1,546 5,360 6,906 ( 3,266 ) 2006 Carolina Shores RV Myrtle Beach SC — 82,318 35,628 — 5,446 82,318 41,074 123,392 ( 12,561 ) 2021 Rivers Edge Marina North Charleston SC — 20,305 6,405 — 575 20,305 6,980 27,285 ( 1,595 ) 2021 The Oaks Yemassee SC — 267 810 — 517 267 1,327 1,594 ( 714 ) 2006 Natchez Trace Hohenwald TN — 533 1,257 7 5,799 540 7,056 7,596 ( 2,206 ) 2004 Cherokee Landing Saulsbury TN — 118 279 2 372 120 651 771 ( 355 ) 2004 Alamo Palms Alamo TX ( 3,442 ) 1,562 7,924 — 1,996 1,562 9,920 11,482 ( 4,346 ) 2012 Bay Landing Bridgeport TX — 438 1,033 6 3,841 444 4,874 5,318 ( 1,776 ) 2004 Colorado River Columbus TX — 466 1,099 6 7,137 472 8,236 8,708 ( 2,145 ) 2004 Victoria Palms Donna TX ( 6,138 ) 2,849 12,305 — 8,893 2,849 21,198 24,047 ( 8,444 ) 2012 Lake Texoma Gordonville TX — 488 1,151 6 11,729 494 12,880 13,374 ( 3,398 ) 2004 Lakewood Harlingen TX — 325 979 — 1,558 325 2,537 2,862 ( 1,134 ) 2004 Paradise Park Harlingen TX — 1,568 4,705 — 3,582 1,568 8,287 9,855 ( 4,411 ) 2004 Sunshine RV Resort Harlingen TX — 1,494 4,484 — 3,881 1,494 8,365 9,859 ( 4,556 ) 2004 Tropic Winds Harlingen TX — 1,221 3,809 — 2,046 1,221 5,855 7,076 ( 3,695 ) 2002 Medina Lake Lakehills TX — 936 2,208 13 3,853 949 6,061 7,010 ( 2,895 ) 2004 Paradise South Mercedes TX — 448 1,345 — 2,079 448 3,424 3,872 ( 1,502 ) 2004 Lake Conroe KOA Montgomery TX — 2,699 8,430 ( 3 ) 841 2,696 9,271 11,967 ( 1,912 ) 2021 Lake Tawakoni Point TX — 35 2,320 — 2,516 35 4,836 4,871 ( 2,403 ) 2004 Fun N Sun RV San Benito TX — 2,533 5,560 412 10,053 2,945 15,613 18,558 ( 10,963 ) 1998 S-12 Schedule III Equity LifeStyle Properties, Inc. Real Estate and Accumulated Depreciation Initial Cost to ELS Costs Capitalized Subsequent to Acquisition (Improvements) Gross Amount Carried at 12/31/25 Real Estate (1) Location Encumbrances Land Depreciable Property Land Depreciable Property Land Depreciable Property Total (3) Accumulated Depreciation Date of Acquisition Country Sunshine Weslaco TX — 627 1,881 — 2,358 627 4,239 4,866 ( 2,317 ) 2004 Leisure World Weslaco TX — 957 2,575 — 1,267 957 3,842 4,799 ( 2,337 ) 2020 Southern Comfort Weslaco TX ( 3,391 ) 1,108 3,323 — 1,428 1,108 4,751 5,859 ( 2,951 ) 2004 Trails End RV Weslaco TX — 1,115 4,086 — 1,183 1,115 5,269 6,384 ( 3,110 ) 2020 Lake Whitney Whitney TX — 679 1,602 10 3,156 689 4,758 5,447 ( 2,243 ) 2004 Lake Conroe Willis TX — 1,363 3,214 18 24,496 1,381 27,710 29,091 ( 8,484 ) 2004 Westwood Village Farr West UT — 1,346 4,179 — 3,452 1,346 7,631 8,977 ( 5,786 ) 1997 St George Hurricane UT — 64 264 2 1,879 66 2,143 2,209 ( 642 ) 2010 All Seasons Salt Lake City UT — 510 1,623 — 1,229 510 2,852 3,362 ( 2,080 ) 1997 Meadows of Chantilly Chantilly VA ( 33,718 ) 5,430 16,440 — 9,924 5,430 26,364 31,794 ( 22,164 ) 1994 Harbor View Colonial Beach VA — 64 202 — 1,455 64 1,657 1,721 ( 635 ) 2006 Lynchburg Gladys VA — 266 627 3 1,360 269 1,987 2,256 ( 843 ) 2004 Chesapeake Bay Gloucester VA — 1,230 2,900 16 9,349 1,246 12,249 13,495 ( 4,341 ) 2004 Bayport Development Jamaica VA — 4,942 — 3,279 3,645 8,221 3,645 11,866 ( 412 ) 2020 Virginia Landing Quinby VA — 602 1,419 8 649 610 2,068 2,678 ( 1,318 ) 2004 Grey's Point Camp Topping VA ( 17,115 ) 33,492 17,104 — 6,100 33,492 23,204 56,696 ( 10,979 ) 2017 Bethpage Camp Resort Urbanna VA ( 28,562 ) 45,415 38,149 — 28,444 45,415 66,593 112,008 ( 22,286 ) 2017 Williamsburg Williamsburg VA — 111 350 — 2,023 111 2,373 2,484 ( 728 ) 2006 Regency Lakes Winchester VA ( 45,573 ) 9,757 19,055 — 2,904 9,757 21,959 31,716 ( 10,633 ) 2011 Birch Bay Blaine WA — 502 1,185 7 1,558 509 2,743 3,252 ( 1,355 ) 2004 Mount Vernon Bow WA — 621 1,464 8 3,755 629 5,219 5,848 ( 2,311 ) 2004 Chehalis Chehalis WA — 590 1,392 8 5,341 598 6,733 7,331 ( 2,449 ) 2004 Grandy Creek Concrete WA — 475 1,425 — 1,980 475 3,405 3,880 ( 1,388 ) 2008 Tall Chief Fall City WA — 314 946 — 2,515 314 3,461 3,775 ( 1,223 ) 2010 Kloshe Illahee Federal Way WA ( 15,008 ) 2,408 7,286 — 3,276 2,408 10,562 12,970 ( 7,734 ) 1997 La Conner La Conner WA — — 2,016 — 4,009 — 6,025 6,025 ( 3,165 ) 2004 Leavenworth Leavenworth WA — 786 1,853 10 3,840 796 5,693 6,489 ( 2,281 ) 2004 Thunderbird Resort Monroe WA — 500 1,178 6 3,562 506 4,740 5,246 ( 1,536 ) 2004 Little Diamond Newport WA — 353 834 5 1,613 358 2,447 2,805 ( 1,345 ) 2004 Oceana Oceana City WA — 283 668 4 974 287 1,642 1,929 ( 797 ) 2004 Crescent Bar Quincy WA — 314 741 4 1,577 318 2,318 2,636 ( 1,058 ) 2004 Long Beach Seaview WA — 321 758 5 2,906 326 3,664 3,990 ( 1,113 ) 2004 Paradise RV Silver Creek WA — 466 1,099 6 5,357 472 6,456 6,928 ( 1,767 ) 2004 S-13 Schedule III Equity LifeStyle Properties, Inc. Real Estate and Accumulated Depreciation Initial Cost to ELS Costs Capitalized Subsequent to Acquisition (Improvements) Gross Amount Carried at 12/31/25 Real Estate (1) Location Encumbrances Land Depreciable Property Land Depreciable Property Land Depreciable Property Total (3) Accumulated Depreciation Date of Acquisition Rainbow Lake Manor Bristol WI — 4,474 16,594 — 5,810 4,474 22,404 26,878 ( 8,320 ) 2013 Fremont Jellystone Park Campground Fremont WI — 1,437 4,296 — 2,286 1,437 6,582 8,019 ( 3,964 ) 2004 Yukon Trails Lyndon Station WI — 556 1,629 — 1,177 556 2,806 3,362 ( 1,501 ) 2004 Blackhawk Camping Resort Milton WI — 1,789 7,613 — 3,912 1,789 11,525 13,314 ( 4,035 ) 2014 Lakeland Milton WI — 3,159 13,830 — 2,875 3,159 16,705 19,864 ( 6,417 ) 2014 Westwood Estates Pleasant Prairie WI ( 19,721 ) 5,382 19,732 — 3,920 5,382 23,652 29,034 ( 9,527 ) 2013 Plymouth Rock Plymouth WI — 2,293 6,879 — 2,732 2,293 9,611 11,904 ( 4,793 ) 2009 Tranquil Timbers Sturgeon Bay WI — 714 2,152 — 1,355 714 3,507 4,221 ( 2,012 ) 2006 Lake of the Woods RV Wautoma WI — 1,333 2,238 — 608 1,333 2,846 4,179 ( 2,261 ) 2019 Neshonoc Lakeside West Salem WI — 1,106 4,861 ( 1 ) 931 1,105 5,792 6,897 ( 2,384 ) 2013 Arrowhead Wisconsin Dells WI — 522 1,616 — 1,406 522 3,022 3,544 ( 1,607 ) 2006 Subtotal of Properties Held for Long Term ( 2,779,158 ) 1,970,073 3,368,128 115,273 2,271,322 2,085,346 5,639,450 7,724,796 ( 2,703,320 ) Realty Systems, Inc. — — — — 376,949 — 376,949 376,949 ( 86,119 ) 2002 Management business and other — 3,447 578 ( 619 ) 73,563 2,828 74,141 76,969 ( 48,905 ) $ ( 2,779,158 ) $ 1,973,520 $ 3,368,706 $ 114,654 $ 2,721,834 $ 2,088,174 $ 6,090,540 $ 8,178,714 $ ( 2,838,344 ) _____________________ (1) The schedule excludes Properties in which we have a non-controlling joint venture interest and account for using the equity method of accounting. (2) All Properties were acquired, except for The Crossing at Voyager and Country Place, which were constructed. (3) Aggregate cost for federal income tax purposes is approximately $ 5.2 billion (unaudited). S-14 Schedule III Equity LifeStyle Properties, Inc. Real Estate and Accumulated Depreciation The following table presents the changes in gross investment in real estate: (amounts in thousands) 2025 2024 2023 Balance, beginning of year $ 7,915,690 $ 7,706,291 $ 7,369,561 Acquisitions — 1,334 10,057 Improvements 230,059 237,215 311,287 Manufactured homes, net 35,388 ( 26,685 ) 17,578 Dispositions and other ( 2,423 ) ( 2,465 ) ( 2,192 ) Balance, end of year $ 8,178,714 $ 7,915,690 $ 7,706,291 The following table presents the changes in accumulated depreciation related to investment in real estate: (amounts in thousands) 2025 2024 2023 Balance, beginning of year $ 2,639,538 $ 2,448,876 $ 2,258,540 Depreciation and amortization 209,281 204,936 200,743 Dispositions and other ( 10,475 ) ( 14,274 ) ( 10,407 ) Balance, end of year $ 2,838,344 $ 2,639,538 $ 2,448,876 S-15